{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b96-d2366ed75e04", "slug": "4e8802588ba6", "title": "ANTA Sports Products Limited (2020.HK)", "subtitle": "Carson C. Block · 2019-07", "author": "Carson C. Block", "date": "2019-07-08 00:00:00", "pageCount": 92, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "ANTA Sports Products Limited", "targetTicker": "2020.HK", "document": { "id": "019dd923-622c-750b-8b96-d2366ed75e04", "slug": "4e8802588ba6", "title": "ANTA Sports Products Limited (2020.HK)", "rawTitle": "MW ANTA 20190708 PART I 1", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "authorDisplay": "Carson C. Block", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2019-07-MW_ANTA_20190708_PART_I-1.pdf", "sourceUrl": "http://www.muddywatersresearch.com/research/", "sourceDate": null, "presentationDate": "2019-07-08 00:00:00", "ingestedAt": "2026-04-22 19:36:24+00", "status": "ready", "pageCount": 92, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "ANTA Sports Products Limited", "targetTicker": "2020.HK", "metadata": { "local_root": "/tmp/legacy-images/4e8802588ba6", "activist_firm": "Muddy Waters", "origin_corpus": "contrarian", "extraction_seconds": 136.90690803527832 } }, "coverage": { "pageCount": 92, "pagesIndexed": 92, "pagesWithImages": 92, "pagesWithMetadata": 92, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 475, "chartCount": 0, "metricSlides": 0, "toolMatches": 6, "documentToolMatches": 4, "frameworkMatches": 38, "arcMatches": 1, "beatMatches": 3, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "evidence": "The document follows a narrative of exposing ANTA's fraudulent practices", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:58:28.555981+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 9, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 5, "name": "Appendix Disclosure", "beatId": "d2317035-68c6-4bc3-8cc6-603ea0c4cc70", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Disclosure of information from former ANTA executives", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 7, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 7, "name": "Precedent Table", "beatId": "51926a60-a1ce-4189-a41c-b0f89ca8289a", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Table showing interview transcript excerpts", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "a99cb45c-b9a1-465f-8b8d-ffa8c4cc29dc", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "c40498eb-c371-466e-8b53-3647a75c2d14", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "1e200d14-8a54-4a90-802a-1d08cd8bbb40", "evidence": "Chairman Ding Shizhong; Executive Director Wu Yonghua", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "762926db-edc3-4ab3-950a-aa6e2d83a3e8", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d4ec8bfc-8df0-47b0-a8e2-d39840205731", "evidence": "This slide contains a clear and concise summary of the report's main points, making it an executive summary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:58:25.745705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "164ac537-6ab5-42a3-a524-382936a020f7", "evidence": "This slide provides a detailed explanation of how the fraud works, making it an executive summary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:58:25.826883+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "4707607c-c717-4ce7-81ee-57aa521c5bed", "evidence": "The report explicitly claims to provide evidence of endemic fraud and financial manipulation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:23.659+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "fraud-exposure" }, { "matchId": "bc8421e7-05ec-4cb3-8088-85473daeb3a9", "evidence": "The slide explicitly outlines a 'fraud' thesis regarding distributor independence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:18.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "fraud-exposure" }, { "matchId": "cc30480c-cd7c-4d58-9bb6-f0a2b5ab40a0", "evidence": "The slide explicitly argues that ANTA is using distributor control to 'fraudulently inflate' revenues and 'fraudulently manipulate' financial statements.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:18.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "fraud-exposure" }, { "matchId": "50ce77fb-ac56-44d2-8e49-8697036d0c7b", "evidence": "The text describes a strategy to separate semi-subsidiaries from the ListCo to manipulate financial reporting (accelerate income, reduce expenses).", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:17.201+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" }, { "matchId": "fb695f05-235c-4425-b06a-b5fe63d575eb", "evidence": "The slide explicitly claims 'Smoking Gun evidence' of secret control over distributors to expose corporate malfeasance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:18.23+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" }, { "matchId": "7329c9ac-0437-485a-a5a5-be0fa71bca5d", "evidence": "The slide explicitly argues that low distributor margins are evidence of fraudulent profit inflation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:18.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" }, { "matchId": "fa92fcd4-cd0e-4b23-a8ba-b5ff4dc445f1", "evidence": "Comparing distributor margins against industry benchmarks to identify anomalies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:18.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "comparison_frame" }, { "matchId": "b1aa2842-ff10-487f-9c10-daef3cdb4b7a", "evidence": "Discussion of Supervisor role and Connected Person rules", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:49:19.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "governance" }, { "matchId": "ba920cbc-5c2b-4eef-aa20-d22344621a45", "evidence": "The slide explicitly calls out a 'misleading' or 'outright lie' in a public prospectus using contradictory evidence.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:21.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "fraud-exposure" }, { "matchId": "b39f9f68-d85f-4483-b245-b0efd3d9e87c", "evidence": "Contradiction between prospectus and SAIC records", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:19.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "fraud-exposure" }, { "matchId": "1d08633c-dd16-434b-84c8-bce448efe23e", "evidence": "The slide uses evidence of shared contact information in government filings to argue that distributors are not independent, implying fraudulent misrepresentation of arms-length relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:23.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "fraud-exposure" }, { "matchId": "4380b6b5-b9f0-4a63-9f78-9d4c25eda9d5", "evidence": "The slide explicitly labels a prospectus statement as a 'lie' and provides evidence of undisclosed related-party control.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:49:21.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "fraud-exposure" }, { "matchId": "cd88a054-8c3c-4c3f-9f10-6a3644b44f66", "evidence": "Contradicting prospectus claims with external evidence (SAIC files/media)", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:21.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "fraud-exposure" }, { "matchId": "9fb709d8-3876-481c-82db-0d099e7ecb52", "evidence": "The slide uses corporate records to link the Chairman's cousin to the company, undermining the claim of independence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:23.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" }, { "matchId": "01f9f031-02c3-4fb0-96d0-5d52bad531fb", "evidence": "Argues that declared independent parties are actually proxies/relatives of the Chairman.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:22.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "fraud-exposure" }, { "matchId": "ceb4772d-6baf-4860-9bc0-ccebb41b15f9", "evidence": "The slide explicitly contrasts public claims of independence with internal interview findings and SAIC records to expose a potential misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:22.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "fraud-exposure" }, { "matchId": "2d972301-6990-4500-a846-20bcd8893c3c", "evidence": "The slide explicitly links distributors to company insiders to suggest undisclosed related-party transactions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:25.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "fraud-exposure" }, { "matchId": "89505f54-89d0-433a-8776-29c67200baa1", "evidence": "Contradiction between prospectus and corporate records", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "fraud-exposure" }, { "matchId": "480199d1-633d-4b75-ae69-21c15d1fcba0", "evidence": "Exposing identical recruitment data to prove two entities are the same", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:23.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "fraud-exposure" }, { "matchId": "c06d495f-7b00-447b-9d45-9cfff80d90cf", "evidence": "The slide identifies overlapping contact data to expose potential shell company relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:21.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "fraud-exposure" }, { "matchId": "2c90fbf9-bcbc-4a17-82d6-564cd317cb3a", "evidence": "The slide systematically exposes discrepancies between public filings and internal control indicators to prove undisclosed subsidiary relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:22.736+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "fraud-exposure" }, { "matchId": "61d4dfcc-6caf-4bda-be52-1821516538b7", "evidence": "The slide uses corporate registry data and testimonial evidence to expose a hidden relationship between a third-party entity and the subject company.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:23.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "fraud-exposure" }, { "matchId": "0aa36010-ebe9-4a08-b563-cd7adc5a6cb5", "evidence": "Directly refutes prospectus claims with external evidence.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:27.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "fraud-exposure" }, { "matchId": "cbd442a8-d689-4915-aadd-292f2b0151bc", "evidence": "The slide systematically links independent distributors to the parent company to expose potential misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:25.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "fraud-exposure" }, { "matchId": "945b4f31-54e2-46e4-991b-e60910b6edec", "evidence": "The slide explicitly identifies an omission in a prospectus and provides contradictory evidence to prove it.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:49:24.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "fraud-exposure" }, { "matchId": "f222a9fe-de35-46ad-bb9b-bfe6f64e04ee", "evidence": "The slide depicts a career progression path over time (0.5 to 3.5 years).", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:25.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "frameworkName": "timeline" }, { "matchId": "a4b911af-5102-4ca0-a339-2470697ebddf", "evidence": "The slide explicitly links independent-appearing entities to the parent company to expose a 'subsidiary as a customer' network.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:26.501+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "fraud-exposure" }, { "matchId": "e1596121-9199-4017-b4d9-d3ef3f5c1fc3", "evidence": "The table systematically links distributors to ANTA through shared shareholders and common control indicators.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:26.066+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 67, "frameworkName": "fraud-exposure" }, { "matchId": "35c90c46-6784-46c0-b525-81e0b382079f", "evidence": "The slide explicitly questions the discrepancy between public registration and actual control of retail entities.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:26.81+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 74, "frameworkName": "fraud-exposure" }, { "matchId": "64dcf93b-f896-4a6b-badd-b37dfbbd9224", "evidence": "The slide uses interview transcripts as primary evidence to support a claim about corporate control.", "framework": null, "confidence": 0.7, "extraction": { "at": "2026-05-02 20:49:27.627+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 77, "frameworkName": "evidence-matrix" }, { "matchId": "b8aad79b-2f37-4e93-bed5-32c8d19e3e91", "evidence": "The slide uses interview transcripts to expose that entities claimed as independent are actually controlled subsidiaries.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:32.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 80, "frameworkName": "fraud-exposure" }, { "matchId": "1326280f-7d58-4a2f-adb7-364cbfe9ea62", "evidence": "The dialogue explicitly discusses nominee shareholding and opaque ownership structures in ANTA subsidiaries.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:49:30.062+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 81, "frameworkName": "fraud-exposure" }, { "matchId": "5ef0d379-3053-4844-b236-b16f96f9447c", "evidence": "The slide presents testimony that contradicts the official corporate structure by revealing hidden control.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:28.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 82, "frameworkName": "expose_contradiction" }, { "matchId": "299dc23f-8852-4a9d-9150-43982e8a7d2c", "evidence": "The slide explicitly contrasts the business development history and distribution strategies of two distinct groups of companies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:29.012+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 84, "frameworkName": "comparison_frame" }, { "matchId": "f464e94e-c9de-4936-b200-fae656839ad6", "evidence": "The slide presents evidence (transcript and source testimony) to expose a contradiction between public filings and actual operational control.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:49:30.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 87, "frameworkName": "fraud-exposure" }, { "matchId": "f383e8d4-1acd-44e1-a516-9f880b9899eb", "evidence": "The dialogue probes the financial relationship between retail distributors and the parent company to identify potential profit shifting.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:49:29.248+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 89, "frameworkName": "fraud-exposure" }, { "matchId": "e6143918-5358-471d-a273-81d587dc1386", "evidence": "The dialogue is structured to address potential confusion regarding corporate structure and ownership.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:49:29.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 91, "frameworkName": "preempt_rebuttal" }, { "matchId": "ec8729b2-854d-4ba4-9309-339671bff805", "evidence": "The slide explicitly questions the independence of distributors to expose potential off-balance-sheet transactions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:30.997+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 92, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Part I of a serial short report (title: 'Turds in the Punchbowl'). Formatted as a Word-style research memo, not a slide deck: dense body prose, bilingual Chinese/English interview transcript tables, and embedded scans of SAIC filings, a one-child-policy form, and registration-capital tables as forensic exhibits. Carson Block is credited as Director of Research on the cover; firm branding is the Muddy Waters Capital logo block. No explicit price target or closing call-to-action in Part I — the argument is evidence-first and deliberately staged as the opening installment. Peer margin comparison is asserted in prose (Li Ning, Xtep, Yue Yuen) but not visualized as a chart.", "kpisCited": [ { "detail": "At least 27 of approximately 46, possibly over 40", "metric": "Tier 1 distributors secretly controlled" }, { "detail": "Approximately 70%, possibly up to 80%", "metric": "Share of ANTA brand sales from controlled distributors" }, { "detail": "HK$55.30", "metric": "Stock price at report date" }, { "detail": "HK$150 billion", "metric": "Market capitalization" }, { "detail": "41.6%", "metric": "Float" }, { "detail": "HK$365.0 million", "metric": "90-day average daily volume" }, { "detail": "Four former senior ANTA managers plus one former distributor manager (Messrs. A–E)", "metric": "Former insider sources on record" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 19:36:24+00", "model": "unknown-legacy", "runId": null, "seconds": 136.9069, "promptVersion": null }, "scqaReward": "If distributor margins revert to genuine arm's-length economics, ANTA's reported profitability collapses, undermining the premium multiple embedded in its HK$150 billion market capitalization; no specific price target disclosed in Part I.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "ANTA secretly controls at least 27 of its ~46 Tier 1 distributors via proxy owners", "Controlled distributors account for approximately 70% of ANTA brand sales", "Peer-leading operating margins reflect fraudulent manipulation, not operational excellence" ], "scqaSituation": "ANTA Sports is China's largest domestic sportswear brand, a HK$150 billion Hong Kong-listed company that reports industry-leading operating margins and distributes through roughly 46 nominally independent Tier 1 distributors.", "thesisSummary": "Muddy Waters alleges that ANTA Sports (2020.HK) has committed systemic fraud since its 2007 IPO by secretly controlling at least 27 — and likely over 40 — of its approximately 46 nominally independent Tier 1 distributors, through a Chairman-Ding-linked shell called Jinjiang Yundong Business Consulting Co. that manages the distributors' HR and finance departments. The controlled distributors appear to generate roughly 70% of ANTA brand sales, enabling the ListCo to inflate revenues and suppress expenses, producing the industry-leading operating margins it boasts over peers Li Ning, Xtep, and Yue Yuen. Supporting evidence includes SAIC filings, anta.cn email addresses used by distributor finance staff, misrepresentations in the 2007 prospectus (one supposedly independent shareholder was an active ANTA employee), and on-record interviews with four former senior ANTA executives and one former distributor manager who all confirm headquarters-level control of the 'subsidiaries'.", "primaryDemands": [ "Investors should not rely on ANTA's reported financials", "Recognize that ANTA's peer-leading margins are fabricated, not operational", "Treat the purportedly independent Tier 1 distributors as undisclosed related parties" ], "scqaResolution": "Muddy Waters publishes SAIC filings, anta.cn emails, prospectus misrepresentations, and five on-record former-insider interviews to prove the control scheme and calls investors to reject ANTA's reported financials.", "thesisOneLiner": "ANTA secretly controls at least 27 — and likely over 40 — of its 46 Tier 1 distributors via proxy owners, fraudulently inflating the margins behind its peer-leading financials.", "precedentsCited": [], "scqaComplication": "At least 27 — and likely over 40 — of those distributors are secretly controlled by Chairman Ding Shizhong via the proxy entity Jinjiang Yundong, which runs their HR and finance, enabling fabricated revenues and margins.", "narrativeInterest": 4, "notableSlidePages": [ 2, 3, 15, 19, 20 ], "peerCompaniesCited": [ "Li Ning", "Xtep", "Yue Yuen" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This is a standard legal disclaimer page for an investment research firm.", "function": "other", "imagePath": "https://imgproxy.kitesheet.com/xxiVP5BNoo3grshIAVWmVwwWLlxRdYJg--HrYM7-39s/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZTg4MDI1ODhiYTYvcDAwMS5qcGc", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 3, "textChars": 345, "nDataPoints": 0, "notes": "This is a standard legal disclaimer page for an investment research firm.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:16.276+00", "seconds": 2.142, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/1", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.14 }, "kind": "disclaimer", "text": "These Terms of Use govern current reports published by Muddy Waters Research and supersede any prior Terms of Use for older reports of Muddy Waters Research, which you may download from the Muddy Waters Research's website.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:16.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0adaeeb-2ecd-4677-b24a-7481d2632a19", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.15, "x": 0.05, "y": 0.05 }, "kind": "image", "text": "Muddy Waters Capital", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:16.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "823bd914-b267-4d32-9ec8-f1ed68dcfe3a", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.19 }, "kind": "paragraph", "text": "The reports on this website have been prepared by Muddy Waters Capital LLC... [full legal text follows]", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:16.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5cbf506-3728-4321-aecc-3e2b12133dfc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/vro05AjpVwaA8qHc9nXy-7cwHoZFqexjktwXlacUJvU/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZTg4MDI1ODhiYTYvcDAwMS5qcGc", "imagePathAlt": "https://imgproxy.kitesheet.com/mkExKMfLG53_btRVHiItgwb21hj6l2UI0v84MbQ6jWw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZTg4MDI1ODhiYTYvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/cAijt0Iai6NLviocoPc0swHSOsTyoDuewLRr8MUYsMg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZTg4MDI1ODhiYTYvcDAwMS5wbmc" }, { "page": 2, "type": "tension", "title": "The slide uses a provocative title to frame the thesis of a short-seller report.", "function": "expose_contradiction", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 9, "textChars": 2646, "nDataPoints": 6, "notes": "The slide uses a provocative title to frame the thesis of a short-seller report.", "elementsJson": [ "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:23.659+00", "seconds": 9.452, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/2", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe that ANTA posts industry-leading operating margins not because it's so well operated; but, rather because ANTA uses numerous secretly controlled Tier 1 distributors to fraudulently boost its margins.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90a-5c954f1806ad", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Market Cap: HK$ 150 billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90a-6168cd1b6147", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.64 }, "kind": "paragraph", "text": "ANTA resolutely claims that its Tier 1 distributors are independent third parties. This is a lie. The fact that ANTA controls its Tier 1 distributors is well-known among senior ANTA executives. ANTA’s senior executives know that ANTA conceals its control of the distributors by using proxy owners. However, this notion of independent distributors is such a charade that ANTA’s senior executives frequently refer to the distributors as “subsidiaries”. We believe ANTA controls these subsidiaries in order to manipulate its reported financials.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.659+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f962ab6-ac53-45fe-83f3-46f51bfd53e0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.36 }, "kind": "paragraph", "text": "We thought long and hard about the title of this report, which is the first in a series evidencing endemic fraud at ANTA. We kept coming back to “Turds in the Punchbowl.” ANTA is a real business, and in terms of operations and marketing, there’s much to be admired. Presumably, this is why accomplished sportswear entrepreneur Chip Wilson recently agreed to invest in it. But within all this goodness, there’s a distinctly awful truth. Investors cannot rely upon ANTA’s financials. We believe that ANTA posts industry-leading operating margins not because it’s so well operated; but, rather because ANTA uses numerous secretly controlled Tier 1 distributors to fraudulently boost its margins.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.659+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f8455e3-4778-4aec-8094-c8ed5c758e1f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.76 }, "kind": "paragraph", "text": "During our research process, we first followed paper trails, such as SAIC files, credit reports, and online articles. This research evidenced control of numerous Tier 1 distributors. One of many examples is that for a number of years, the Supervisor of one of the largest distributors was", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.659+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c918e04d-d59f-4bc5-b1c5-bcb06ca9c828", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.52 }, "kind": "paragraph", "text": "We have “Smoking Gun” evidence that ANTA secretly controls a material number of its distributors. In this report, we present documentary evidence that ANTA secretly controls 27 distributors. At least 25 of these of these appear to be Tier 1 distributors. The total number of Tier 1 distributors ANTA controls could be over 40 of the approximately 46 the company has. The secretly controlled distributors collectively appear to account for approximately 70% of ANTA brand sales.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.659+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2e6fea8-cef4-4876-a611-2a4275c3285b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.68, "x": 0.11, "y": 0.84 }, "kind": "source-note", "text": "1 http://www.files.services/files/394/2019/0626/20190626081501_97300901_en.pdf 2 ANTA 2018 ESG report, p. 38 3 “子公司” (subsidiaries) and “分公司” (branch companies)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.659+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bc3136f-0349-4963-8d6d-8a783d40fbec", "parentComponentId": null }, { "bbox": { "h": 0.29, "w": 0.88, "x": 0.11, "y": 0.09 }, "kind": "table", "text": "Report Date: July 8, 2019; Company: ANTA Sports Products Ltd.; Ticker: 2020.HK; Industry: Sportswear; Stock Price: HK$55.30; Market Cap: HK$ 150 billion; Float: 41.6%; Average Daily Volume (90-day): HK$365.0 million", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.659+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "407d1fdc-80c5-446a-be71-84247db12861", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.33, "x": 0.33, "y": 0.31 }, "kind": "title", "text": "ANTA Part I: Turds in the Punchbowl", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.659+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e4cab36-125a-4516-8018-a99e93286b55", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d4ec8bfc-8df0-47b0-a8e2-d39840205731", "evidence": "This slide contains a clear and concise summary of the report's main points, making it an executive summary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:58:25.745705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "4707607c-c717-4ce7-81ee-57aa521c5bed", "evidence": "The report explicitly claims to provide evidence of endemic fraud and financial manipulation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:23.659+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "tension", "title": "The slide functions as an introduction to a short-seller report, specifically focusing on the 'fraud' thesis.", "function": "expose_contradiction", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 77, "componentCount": 10, "textChars": 1747, "nDataPoints": 0, "notes": "The slide functions as an introduction to a short-seller report, specifically focusing on the 'fraud' thesis.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:18.927+00", "seconds": 4.543, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/3", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "However, this is a charade. In the substantial majority of cases, the owners of these distributors are merely proxies for ANTA Chairman Ding Shizhong.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90a-78942b932687", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.4 }, "kind": "paragraph", "text": "As ANTA planned for a 2007 IPO, a more nefarious strategy took hold. ANTA insiders realized that they could create the illusion of independent distributors... Individuals then formed new entities that did not use the ANTA name.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a31c4c3-99fe-4e3a-be28-6be25cda823e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.58 }, "kind": "paragraph", "text": "However, this is a charade. In the substantial majority of cases, the owners of these distributors are merely proxies for ANTA Chairman Ding Shizhong... ANTA executives frequently refer to this arrangement as a 'left hand-right hand relationship'.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22297ef6-f2c0-4ad8-bb01-27d69eaabb4e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.5 }, "kind": "paragraph", "text": "ANTA claims that its ANTA brand distributors are arms-length parties... ANTA also recognizes revenue at the point of sale to distributors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "927acee0-55e5-45c6-8e17-8a0ab6abd8f2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "paragraph", "text": "We organized this report in three sections. In A, we explain how the fraud works. In B, we show the extensive paper trail that demonstrates Anta's control of 25 Tier 1 distributors and two smaller distributors. C is the Appendix.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a159d19a-2ab7-403f-9eaa-0a3985b8f771", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.3 }, "kind": "paragraph", "text": "ANTA began as a manufacturer of sneakers for other brands... ANTA's controlling shareholder used his capital to invest in a network of distributors to give the brand traction.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c465de51-8ab5-4fa3-89b0-9bb7713b184b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "ANTA's Executive Director with responsibility for sales, Wu Yonghua. Four former senior managers of ANTA and one former manager of a major distributor then expressly stated in interviews that ANTA controls the distributors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec5fb71c-8ea8-4a08-b11d-d63f7acff01a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "ANTA executives frequently refer to this arrangement as a “left hand-right hand relationship” (“左手跟右手的关系”), with ANTA the ListCo being the “right hand”, and the distributors being the “left hand” — ANTA Executives.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90a-7d94d9b3adb1", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.77 }, "kind": "source-note", "text": "4 ANTA Prospectus, p. 87... 5 Conversation with ANTA investor relations... 6 ANTA 2018 Annual Report, p. 90... 7 See infra", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c25a3e0-17c4-4987-a06e-9366b3f4541e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.26 }, "kind": "title", "text": "A: How the Fraud Works", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01c6bbcd-a64f-4ddd-88fe-a43e88723744", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "164ac537-6ab5-42a3-a524-382936a020f7", "evidence": "This slide provides a detailed explanation of how the fraud works, making it an executive summary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:58:25.826883+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "bc8421e7-05ec-4cb3-8088-85473daeb3a9", "evidence": "The slide explicitly outlines a 'fraud' thesis regarding distributor independence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:18.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "tension", "title": "The slide uses a Q&A format to present testimony from a former executive (Mr. A) regarding ANTA's control over distributors.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 5, "textChars": 812, "nDataPoints": 2, "notes": "The slide uses a Q&A format to present testimony from a former executive (Mr. A) regarding ANTA's control over distributors.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:18.123+00", "seconds": 3.717, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/4", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We firmly believe that this apparent margin superiority is due to fraudulent manipulation of ANTA's financials through the relationships with the distributors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90a-e977f67831cd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.11, "y": 0.91 }, "kind": "disclaimer", "text": "8 Conversation with former executive Mr. A\n9 Compared to Xtep, Li Ning, and Yue Yuen.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b69fa25-bb7b-4652-9ba0-e6a3629d30d5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "ANTA's control over the distributors is an open secret among senior ANTA executives on the distribution side of the business. Senior ANTA managers commonly refer to the purportedly independent distributors as “subsidiaries” (“子公司” and “分公司”).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fe31a24-5306-49ec-bd56-2639f4a0e01e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "They [Chairman Ding Shizhong and Wu Yonghua] have a controlling stake in those companies, in those distributors. ... They have invested in this company. How to say? That is, they call these companies “subsidiaries” or “branch companies”. — Mr. A (former senior ANTA executive)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90a-eda9bd4cb5bf", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.59 }, "kind": "table", "text": "Q&A table with Mr. A regarding distributor control", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc44f58f-5b75-40ba-b6b5-7048ee160570", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "cc30480c-cd7c-4d58-9bb6-f0a2b5ab40a0", "evidence": "The slide explicitly argues that ANTA is using distributor control to 'fraudulently inflate' revenues and 'fraudulently manipulate' financial statements.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:18.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "tension", "title": "Bilingual transcript (Chinese/English) presented in a table format.", "function": "expose_contradiction", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 3, "textChars": 362, "nDataPoints": 0, "notes": "Bilingual transcript (Chinese/English) presented in a table format.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:17.159+00", "seconds": 2.4, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/5", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Back then they were distributors and now they are equivalent to subsidiaries.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90a-90bb2a4aeea5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "It [ANTA] has the final say on the human, on the subsidiaries and also final say on, I think the HR to how to say this. Three positions in the subsidiary have to be picked by the Anta group. — Mr. A", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90a-94ad5090c471", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "table", "text": "Transcript table detailing management control and distributor-to-subsidiary conversion.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:17.159+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b2c3d34-b56c-4cc9-ae8e-8390d4a70a4b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 9, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Appendix Disclosure", "beatId": "d2317035-68c6-4bc3-8cc6-603ea0c4cc70", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Disclosure of information from former ANTA executives", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "tension", "title": "The slide presents a Q&A format in both Chinese and English, highlighting potential conflicts of interest or hidden control structures within ANTA's distributio", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 1, "textChars": 114, "nDataPoints": 0, "notes": "The slide presents a Q&A format in both Chinese and English, highlighting potential conflicts of interest or hidden control structures within ANTA's distribution network.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:17.441+00", "seconds": 2.489, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/6", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "table", "text": "Transcript of interview with Mr. B and Mr. C regarding ANTA's corporate structure and key personnel relationships.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:17.441+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf8e4ea7-57fc-4c17-98eb-80bf88f53437", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 9, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Appendix Disclosure", "beatId": "d2317035-68c6-4bc3-8cc6-603ea0c4cc70", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Disclosure of information from former ANTA executives", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 7, "type": "tension", "title": "The table contains a Q&A format in both Chinese and English. It appears to be part of an investigative report.", "function": "expose_contradiction", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 1, "textChars": 89, "nDataPoints": 0, "notes": "The table contains a Q&A format in both Chinese and English. It appears to be part of an investigative report.", "elementsJson": [ "data_table" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:17.382+00", "seconds": 2.357, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/7", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.8, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "table", "text": "Transcript of interview with Mr. C regarding ANTA subsidiary ownership and key personnel.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:17.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "294f475b-dbd6-495e-8dd7-5b4d97cdee3d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 9, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Appendix Disclosure", "beatId": "d2317035-68c6-4bc3-8cc6-603ea0c4cc70", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Disclosure of information from former ANTA executives", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 7, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Precedent Table", "beatId": "51926a60-a1ce-4189-a41c-b0f89ca8289a", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Table showing interview transcript excerpts", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "tension", "title": "The slide contains two interview excerpts (Mr. D and Mr. E) detailing the relationship between the brand and its distributors, and the practice of separating se", "function": "expose_contradiction", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 3, "textChars": 1554, "nDataPoints": 0, "notes": "The slide contains two interview excerpts (Mr. D and Mr. E) detailing the relationship between the brand and its distributors, and the practice of separating semi-subsidiaries from the listed company to improve financial reporting.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:17.201+00", "seconds": 2.087, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/8", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The Jinjiang companies came up with a strategy to separate out these semi-subsidiaries from the ListCo, so they would be outside of the ListCo, and let the companies' profits look more attractive.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-56eddd8cc17e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "And then, at the beginning Mr. Ding Shizhong was working as a sub-contractor [OEM] for international brands, and then after he was able to accumulate his original [capital]: he could then lend money to these distributors and partners to support these dealers/distributors to expand their business. By developing personnel and building the channels, these distributors very successfully established a foothold in local markets and expanded the business. So this history cannot be separated from these connections, so this kind of connection and control between the brand and the distributors is very strong, and later when they went public, at the time, Li Ning also was going public. The Jinjiang companies came up with a strategy to separate out these semi-subsidiaries from the ListCo, so they would be outside of the ListCo, and let the companies' profits look more attractive. For example, when they ship product they can book revenue, in this way they could more quickly generate more revenue, at the same time the distributors' costs would not have to be inside the ListCo's system. So, they reduced expense and accelerated income, so their financials were all much better looking. — Mr. D (former ANTA senior executive)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-5a5d16309584", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "table", "text": "Transcript table containing interview responses from Mr. C, Mr. D, and Mr. E regarding business operations and financial structures.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:17.201+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69c2fcd0-f5b8-4026-8c99-45e247aca444", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "50ce77fb-ac56-44d2-8e49-8697036d0c7b", "evidence": "The text describes a strategy to separate semi-subsidiaries from the ListCo to manipulate financial reporting (accelerate income, reduce expenses).", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:17.201+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 9, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Appendix Disclosure", "beatId": "d2317035-68c6-4bc3-8cc6-603ea0c4cc70", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Disclosure of information from former ANTA executives", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "setup", "title": "The slide uses a Q&A transcript to establish corporate control, followed by a summary paragraph linking specific managers to the parent company.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 6, "textChars": 669, "nDataPoints": 0, "notes": "The slide uses a Q&A transcript to establish corporate control, followed by a summary paragraph linking specific managers to the parent company.", "elementsJson": [ "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:20.179+00", "seconds": 5.057, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/9", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Yes, particularly the finance department. The finance department is separated from the rest and managed by the headquarters, actually the salaries of the finance department are paid by the headquarters.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90a-cc332fde0560", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.453 }, "kind": "paragraph", "text": "Yundong is an arm of the ListCo, which is shown by the senior roles played in Yundong by two ANTA managers, Li Dan and Wang Huayou. Yundong's Supervisor is Li Dan (李丹), and she appears to have been so since establishment in March 2008.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b3a7f37-f4b1-435f-a470-e573fe360ee3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Yes, managed directly by the group's headquarters. — Mr. E", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90a-d38a4c3a8530", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.425, "x": 0.118, "y": 0.894 }, "kind": "source-note", "text": "SAIC filings show no change of supervisor since inception.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c3238dd-3e61-4e8b-8cd8-8139d376e595", "parentComponentId": null }, { "bbox": { "h": 0.305, "w": 0.764, "x": 0.118, "y": 0.092 }, "kind": "table", "text": "Transcript of Q&A regarding management of Yundong by ANTA headquarters.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab5a8161-bed4-4e8f-ae7c-0cfe0d929563", "parentComponentId": null }, { "bbox": { "h": 0.022, "w": 0.415, "x": 0.118, "y": 0.418 }, "kind": "title", "text": "Jinjiang Yundong Business Consulting Co. Ltd.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6024970-a981-4b4c-af9f-215aceab2954", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 9, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Appendix Disclosure", "beatId": "d2317035-68c6-4bc3-8cc6-603ea0c4cc70", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Disclosure of information from former ANTA executives", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "appendix", "title": "The slide uses a screenshot from a Chinese corporate registry (TianYanCha) to verify the identity and associations of Wang Huayou.", "function": "expose_contradiction", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 5, "textChars": 593, "nDataPoints": 0, "notes": "The slide uses a screenshot from a Chinese corporate registry (TianYanCha) to verify the identity and associations of Wang Huayou.", "elementsJson": [ "screenshot", "paragraph", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:18.352+00", "seconds": 2.81, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/10", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Yundong’s General Manager is Wang Huayou (王华友), who was listed in ANTA’s prospectus as a senior company manager.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-6bcf265c6b20", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.34, "x": 0.33, "y": 0.08 }, "kind": "image", "text": "Screenshot of TianYanCha corporate registry profile for Jinjiang Yundong Business Consulting Co., Ltd.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44f1c29e-3957-4be1-96aa-45076e1d7f01", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.46 }, "kind": "paragraph", "text": "Yundong's General Manager is Wang Huayou (王华友), who was listed in ANTA's prospectus as a senior company manager. Similar to Li Dan, Wang Huayou has been the Legal Representative of 82 FILA stores, 39 of which were de-registered.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fd4ddc4-fce7-4ab1-859e-9235130164ee", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.54 }, "kind": "paragraph", "text": "As shown below, Yundong is located in ANTA's Jinjiang industrial park, and its recruiter uses an anta.cn email address.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ebb1a02-78c8-4d67-b535-0bd2e3f9f9e6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "11 ANTA 2007 prospectus, p. 128.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28e90f39-17f9-454b-8fab-3a63ad92df19", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 11, "type": "tension", "title": "The top half is a screenshot of a recruitment page for 'Jinjiang Yundong Business Consulting Co., Ltd.', which the author links to the Peng brothers and ANTA's ", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 24, "componentCount": 5, "textChars": 480, "nDataPoints": 3, "notes": "The top half is a screenshot of a recruitment page for 'Jinjiang Yundong Business Consulting Co., Ltd.', which the author links to the Peng brothers and ANTA's distribution network.", "elementsJson": [ "screenshot", "paragraph", "data_table" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:18.23+00", "seconds": 2.663, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/11", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We have Smoking Gun evidence that ANTA secretly controls a significant portion of its Tier 1 distributors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-1e12ed761a2a", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.76, "x": 0.12, "y": 0.1 }, "kind": "image", "text": "Recruitment page for Jinjiang Yundong Business Consulting Co., Ltd.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.23+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36e6a1e7-02df-4649-94f0-431fdde1902c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.5, "x": 0.12, "y": 0.8 }, "kind": "list", "text": "Beijing Jiyuan, Zhengzhou Anfa, Jinan Ruili", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.23+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ed2dca3-4999-4156-989f-b08895a611dd", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.68 }, "kind": "paragraph", "text": "We have Smoking Gun evidence that ANTA secretly controls a significant portion of its Tier 1 distributors. The following shows a paper trail evidencing the network that controls 27 distributors, at least 25 of which appear to be Tier 1.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.23+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d71ebc06-0ff9-4d1f-9fbb-59e2058cd8c8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.12, "y": 0.92 }, "kind": "source-note", "text": "ANTA 2018 ESG Report, p. 38.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.23+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c81e2b1f-625d-4fdd-ac8a-cd2d58f0d02f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fb695f05-235c-4425-b06a-b5fe63d575eb", "evidence": "The slide explicitly claims 'Smoking Gun evidence' of secret control over distributors to expose corporate malfeasance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:18.23+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 12, "type": "tension", "title": "The slide lists 23 entities and provides a narrative argument linking their low margins to potential financial fraud at the parent company level.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 4, "textChars": 822, "nDataPoints": 3, "notes": "The slide lists 23 entities and provides a narrative argument linking their low margins to potential financial fraud at the parent company level.", "elementsJson": [ "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:18.392+00", "seconds": 2.813, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/12", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The low gross and net profit margins the distributors show support our view that ANTA is using its control of those distributors to fraudulently inflate its reported profits.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-062797872161", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.7, "x": 0.12, "y": 0.1 }, "kind": "list", "text": "List of 23 distributors with English and Chinese names.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e1e9f34-7b19-4bc7-ad93-faf19c8b5eb1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "net profit margins: 7% to 8%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-0971f56d7be0", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.12, "y": 0.55 }, "kind": "paragraph", "text": "According to the credit reports we received for these entities, their 2017 COGS accounted for approximately RMB 5.5 billion, or roughly one-third of ANTA's total reported revenue. These distributors' credit reports generally show gross margins of only 7% to 8%, and net margins that are close to zero. (See below for a table of credit reports of 23 of the distributors' summary financials.) The low gross and net profit margins the distributors show support our view that ANTA is using its control of those distributors to fraudulently inflate its reported profits.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4e56ca6-fc6d-492c-b108-f2d92b371b30", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7329c9ac-0437-485a-a5a5-be0fa71bca5d", "evidence": "The slide explicitly argues that low distributor margins are evidence of fraudulent profit inflation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:18.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 13, "type": "setup", "title": "The slide compares ANTA's distributor margins against public companies like Belle and Pousheng to highlight discrepancies.", "function": "compare_peers", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 8, "textChars": 705, "nDataPoints": 200, "notes": "The slide compares ANTA's distributor margins against public companies like Belle and Pousheng to highlight discrepancies.", "elementsJson": [ "data_table", "comparison_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:18.63+00", "seconds": 2.942, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/13", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We would expect truly independent Tier 1 distributors’ gross margins to approximate 30% to 35%, which is based on information provided in the interviews with Messrs. A and C.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-3505d7590c08", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Gross Margin: 30-35%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-3bf3513dd0bd", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.08, "y": 0.43 }, "kind": "paragraph", "text": "We would expect truly independent Tier 1 distributors’ gross margins to approximate 30% to 35%, which is based on information provided in the interviews with Messrs. A and C.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01554d5e-1255-40d5-ab77-315f439705c4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.77 }, "kind": "paragraph", "text": "GZ Anda was disclosed as ANTA's largest customer in 2006 and 2007, and we believe it continues to be one of ANTA's most important distributors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02d7adfa-1911-4a19-96bb-941d293f7fca", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.08, "y": 0.4 }, "kind": "source-note", "text": "Source: Chinese credit reports and company financial reports", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cac684c-416c-46dc-8912-5bca06ba3488", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.85, "x": 0.08, "y": 0.08 }, "kind": "table", "text": "Distributor financial data table for 2016 and 2017", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfada438-c721-40ad-91b6-fa1db7287cc7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.55, "x": 0.22, "y": 0.56 }, "kind": "table", "text": "GPM comparison table for Pousheng and Belle", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "KPI table", "slug": "kpi", "status": "active", "canonId": "019de52d-0324-7799-a84e-d0885a8ad400", "version": 1, "description": null }, "framework": null }, "subkind": "kpi", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa01dfb9-48b4-4c4d-9499-5ebacc512c4a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.08, "y": 0.73 }, "kind": "title", "text": "Guangzhou Anda Trade Development Co. Ltd.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d72a8518-cf68-4c6e-8385-e04239f839f6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fa92fcd4-cd0e-4b23-a8ba-b5ff4dc445f1", "evidence": "Comparing distributor margins against industry benchmarks to identify anomalies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:18.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "tension", "title": "The slide uses a diagram to explain the 'Connected Person' relationship under Hong Kong Listing Rules to argue that ANTA exerts de facto control over its distri", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 8, "textChars": 1341, "nDataPoints": 0, "notes": "The slide uses a diagram to explain the 'Connected Person' relationship under Hong Kong Listing Rules to argue that ANTA exerts de facto control over its distributors.", "elementsJson": [ "paragraph", "process_diagram", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:19.265+00", "seconds": 3.543, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/14", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Controlling the Supervisor role is an effective way to ensure ANTA maintains control because PRC law gives the Supervisor the ability to inspect the company's finances, recommend senior managers and directors be dismissed, and propose shareholder meetings.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-cd1e63058ba3", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.62, "x": 0.19, "y": 0.46 }, "kind": "diagram", "text": "The CP Relationship diagram showing Connected person connected to various roles including Supervisor", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Hub and spoke", "slug": "hub-spoke", "status": "active", "canonId": "019de52d-04db-73e6-81ca-a234f2f23fc1", "version": 1, "description": null }, "framework": null }, "subkind": "hub-spoke", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb81e71c-43d7-4881-b2d4-bb8c6e9e95f5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.86 }, "kind": "disclaimer", "text": "15 ANTA 2012 AR, p. 62. 16 ANTA 2012 AR, p. 70 17 See https://www.china-briefing.com/news/roles-and-responsibilities-of-the-china-legal-representative/", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b2629fc-5f16-4d36-a0e3-c05a89daa71b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "ANTA's Mr. Wu Yonghua was Supervisor of GZ Anda through July 2017. Wu Yonghua is one of Chairman Ding's trusted generals...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64457790-72eb-4b70-aab1-955c0e930371", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.32 }, "kind": "paragraph", "text": "Controlling the Supervisor role is an effective way to ensure ANTA maintains control because PRC law gives the Supervisor the ability to inspect the company's finances...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "884f3ae0-2c5c-4329-8b47-45f99be5c393", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "the shareholding structure of Guangzhou Anda was changed. The truth is that ANTA controls GZ Anda to this day.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1ab96c9-0a72-495d-8c60-bbe0f15b3c32", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Mr. Wu Yonghua, aged 41, is the Executive Director and the Executive Vice President of the Company. He is primarily responsible for the Group's sales and marketing management. He joined the Group in October 2003 and has over 10 years of experience in sales and marketing in China. — ANTA 2012 Annual Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-d21683a68901", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.2, "y": 0.76 }, "kind": "source-note", "text": "Source: PUBLICATION A 2377 Guidance Note on Connected Transactions – A Practical Guide to Good Governance (English), Jan 2016", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6adbaca8-cf3f-4463-be6f-03bb1d1b4fa2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b1aa2842-ff10-487f-9c10-daef3cdb4b7a", "evidence": "Discussion of Supervisor role and Connected Person rules", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:49:19.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "governance" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 15, "type": "analysis", "title": "The document shows the transition of the Legal Representative from Lin Lisui to Lin Aimin in July 2017.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 7, "textChars": 977, "nDataPoints": 0, "notes": "The document shows the transition of the Legal Representative from Lin Lisui to Lin Aimin in July 2017.", "elementsJson": [ "screenshot", "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:22.024+00", "seconds": 6.223, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/15", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Since July 2017, Ms. Lin Aimin has been GZ Anda’s Legal Representative. She is the wife of Wu Yonghua’s cousin, Wu Wenhou.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-82d167949e66", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.5, "x": 0.25, "y": 0.08 }, "kind": "image", "text": "Official government registration document", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60f70f1d-97a7-433b-ae46-6db2e7dceaa9", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.58 }, "kind": "paragraph", "text": "Lin Aimin: Since July 2017, Ms. Lin Aimin has been GZ Anda's Legal Representative. She is the wife of Wu Yonghua's cousin, Wu Wenhou.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d2f2d4a-c368-4932-8bed-424b5ac8bf25", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.7 }, "kind": "paragraph", "text": "Ding Qingliang: Chairman Ding's brother-in-law, Ding Qingliang, has owned at least 25% of GZ Anda's registered capital since its 2005 inception.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ae83bfc-d786-4328-ac39-b685a0326c23", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Guangzhou Anda is a limited liability company incorporated in the PRC and is owned as to 35.0% by Mr. Chen Dinglong, 32.5% by Mr. Ding Qingliang and 32.5% by Ms. Lin Lisui. Mr. Ding Qingliang is the brother-in-law of Mr. Ding, an executive Director, and Guangzhou Anda is a connected person of the Company under Rule 14A.11(4)(c) of the Listing Rules. — The 25 February 2010 Announcement of Continuing Connected Transactions", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-85544dfacf2e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.8 }, "kind": "source-note", "text": "Footnotes 18, 19, 20 detailing relationships and ownership stakes.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02494c5f-30d3-4f22-9dec-0695977eeb44", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.25, "y": 0.08 }, "kind": "title", "text": "Approval of Registration Change (Record) Notice", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e709b3b-b7c6-4aff-a4d5-cf51774203cd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 16, "type": "tension", "title": "The slide uses a scanned document (likely an ID or employment record) to prove that Ding Qingliang was employed by ANTA (China) Ltd. during a period the company", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 24, "componentCount": 5, "textChars": 681, "nDataPoints": 0, "notes": "The slide uses a scanned document (likely an ID or employment record) to prove that Ding Qingliang was employed by ANTA (China) Ltd. during a period the company claimed he was working elsewhere.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:21.968+00", "seconds": 5.799, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/16", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The problem is this disclosure was misleading (or even an outright lie).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-9fcc36074722", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.38, "x": 0.31, "y": 0.32 }, "kind": "image", "text": "Scanned employment record showing Ding Qingliang's history at Anta (China) Ltd from 1996-2006.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7725df0a-256a-4856-9fff-26bb537f5cfd", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.11, "y": 0.18 }, "kind": "paragraph", "text": "Interestingly, ANTA's 2007 prospectus purported to disclose Ding Qingliang's employment history prior to establishing GZ Anda. The problem is this disclosure was misleading (or even an outright lie).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a604427-5de9-44db-a99c-d3a8b38a3533", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "GZ Anda. In fact, his shareholdings remained constant until 2017, when his ownership actually increased to 41.25%. Ding Qingliang remained the General Manager through 2017, and today continues to own 41.25% of the entity.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc6fb811-1ee1-4d93-9d73-579d818b07d1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "SAIC filings show Mr. Ding was General Manager from inception to present. ANTA prospectus, p.88", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7567f5b-d64f-44d5-b45b-5d40f0322356", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ba920cbc-5c2b-4eef-aa20-d22344621a45", "evidence": "The slide explicitly calls out a 'misleading' or 'outright lie' in a public prospectus using contradictory evidence.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:21.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "tension", "title": "The slide uses red boxes to highlight the specific claims being challenged in the prospectus text.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 4, "textChars": 902, "nDataPoints": 0, "notes": "The slide uses red boxes to highlight the specific claims being challenged in the prospectus text.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:19.27+00", "seconds": 2.952, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/17", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.176 }, "kind": "paragraph", "text": "Guangzhou Anda has been one of our distributors for our ANTA products since 2005. It was incorporated as a limited liability company in the PRC on June 20, 2005 and is owned as to 50% by Mr. Zheng Jiayuan, 25% by Mr. Ding Qingliang and 25% by Mr. Wu Wenhou. Mr. Ding Qingliang is the brother-in-law of Mr. Ding Shizhong and Mr. Wu Wenhou is the cousin of Mr. Wu Yonghua. Both Mr. Ding Shizhong and Mr. Wu Yonghua are our executive Directors. Mr. Zheng Jiayuan is an Independent Third Party. For the two years ended December 31, 2005 and 2006, our sales to Guangzhou Anda amounted to", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a838af5-3dc2-4fd2-9c16-ab88791b2d90", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "The prospectus contained another lie about one of the GZ Anda shareholders, Mr. Zheng Jiayuan:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "648d2765-f900-4c84-a543-cd5d6db70781", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.336 }, "kind": "paragraph", "text": "However, in the SAIC hardcopy, on the one child policy form, it clearly states that Mr. Zheng Jiayuan, was then an employee of Anta (China), dated as of December 20, 2006:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4306851-2037-4a27-85d7-1a588d5fa34c", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.25, "x": 0.118, "y": 0.879 }, "kind": "source-note", "text": "23 ANTA 2007 prospectus, p. 87.\n24 Along with his wife.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c6edc17-7648-4da5-8373-2e772953382d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b39f9f68-d85f-4483-b245-b0efd3d9e87c", "evidence": "Contradiction between prospectus and SAIC records", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:19.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "analysis", "title": "The document includes a company stamp from Guangzhou Anda, confirming the authenticity of the employment details.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 6, "textChars": 642, "nDataPoints": 0, "notes": "The document includes a company stamp from Guangzhou Anda, confirming the authenticity of the employment details.", "elementsJson": [ "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:18.646+00", "seconds": 2.324, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/18", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This is also confirmed by the following article published in March 2006, which indicates that Mr. Zheng Jiayuan was the head of ANTA’s Factory Number 2, and had then been working for 10 years.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-b48ad2fce94c", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.52, "x": 0.24, "y": 0.16 }, "kind": "image", "text": "Scanned registration form", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be442732-b534-4420-bc17-4076d4f66e18", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.73 }, "kind": "paragraph", "text": "This is also confirmed by the following article published in March 2006, which indicates that Mr. Zheng Jiayuan was the head of ANTA's Factory Number 2, and had then been working for 10 years.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61b3893f-e5b2-4351-b791-778f20fe1a37", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The documents provided by our company are factual and without discrepancy with the originals. Stamped: \"Guangzhou Anda\" — Guangzhou Anda", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-ba24f230a2e9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "http://learning.sohu.com/20060306/n242112127.shtml", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f67c155a-514f-4cec-bb05-ecf1572be4c8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.34, "x": 0.33, "y": 0.13 }, "kind": "title", "text": "Family Planning Review Registration Application", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:18.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b244de6-139b-4fdc-a799-5c5983d00c3d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "analysis", "title": "Includes a table of Quanzhou provident fund participants and a table of SAIC registered capital changes for Guangzhou Anda Trade Development Co.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 9, "textChars": 975, "nDataPoints": 80, "notes": "Includes a table of Quanzhou provident fund participants and a table of SAIC registered capital changes for Guangzhou Anda Trade Development Co.", "elementsJson": [ "paragraph", "callout_box", "footnote", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:23.967+00", "seconds": 7.502, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/19", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "此外，公司能为员工提供这么好的工作与学习环境，也能留住员工的心。自称在安踏工作了近10年的该公司二分厂负责人郑家远谈到进入公司办的大学就特别兴奋地说：“没想到工作如此繁忙还有时间上大学，真的感谢公司给了我这样一个既能学习又不耽误工作的机会。”还说，这样的企业自己是不会轻易离开的。", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-7891fc543d5a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.12, "y": 0.1 }, "kind": "paragraph", "text": "也是一种留人策略... 此外，公司能为员工提供这么好的工作与学习环境，也能留住员工的心。", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.967+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fa3a7dc-addb-4ec8-bd1b-79a744fd7f7f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.76, "x": 0.12, "y": 0.61 }, "kind": "paragraph", "text": "The numerous changes in GZ Anda's registered capital are below:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.967+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa8f27d9-b393-4430-9006-d4aae9c90a62", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.4 }, "kind": "paragraph", "text": "The Quanzhou provident fund participants and employers list also confirms his employment with ANTA. Mr. Zheng Jiayuan is shown to be an employee of Anta (China), with the status of suspension, which means he is not paid by Anta (China) anymore.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.967+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af9613e7-9c2b-4819-b90a-a16e2c18141d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.82 }, "kind": "paragraph", "text": "Other Evidence: GZ Anda's SAIC file contains further evidence of ANTA's control. GZ Anda furnished an anta.cn email to SAIC for the person designated as the official contact person for SAIC matters.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.967+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0c34282-5a86-476b-9839-8ed523fc110a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“没想到工作如此繁忙还有时间上大学，真的感谢公司给了我这样一个既能学习又不耽误工作的机会。” — 郑家远 (Zheng Jiayuan)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-7df454587fd6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.76, "x": 0.12, "y": 0.89 }, "kind": "source-note", "text": "26 http://qzgjj.quanzhou.gov.cn/Content/BackStage/UpFile/file/20180830/20180830170914_3974.xls", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.967+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93f4bc71-eb9b-4f6e-b44e-56fb22ec6f09", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.46 }, "kind": "table", "text": "Quanzhou provident fund participants table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.967+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af7f6fe1-509a-4749-843f-83e1d72329f5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.65 }, "kind": "table", "text": "SAIC Record of Registered Capital Changes for Guangzhou Anda Trade Development Co.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.967+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec8a6d98-6af8-4cfa-85a6-e05ab91822c9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 20, "type": "tension", "title": "Includes images of an ID card and an SAIC registration change notice.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 6, "textChars": 835, "nDataPoints": 0, "notes": "Includes images of an ID card and an SAIC registration change notice.", "elementsJson": [ "paragraph", "screenshot" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:19.435+00", "seconds": 2.927, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/20", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This is consistent with what Messrs. A and E said about the finance department of GZ Anda being controlled by “headquarters”.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-1f1571ee661e", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.77, "x": 0.118, "y": 0.235 }, "kind": "image", "text": "SAIC registration documents and ID card", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99b855ba-aed9-48ca-a3f6-42fbcc93b1c5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.77, "x": 0.118, "y": 0.145 }, "kind": "paragraph", "text": "In July of 2016, GZ Anda updated its SAIC registration information to include the personal information for the contact responsible for filing financial information, Ms. Li Fengjuan, 李凤娟. Ms. Li lists an anta.cn email address together with the GZ Anda telephone number.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33e0d47a-c690-4540-bd9c-330e7c54b8ee", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.77, "x": 0.118, "y": 0.57 }, "kind": "paragraph", "text": "As shown on the SAIC registration page below, companies must communicate sensitive and confidential information to SAIC.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74daed58-87aa-45bd-8154-2b45122cf7ab", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.77, "x": 0.118, "y": 0.518 }, "kind": "paragraph", "text": "This is consistent with what Messrs. A and E said about the finance department of GZ Anda being controlled by “headquarters”.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "773fad7e-12ce-4823-83c6-de87c371affd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.77, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "GZ Anda also gives an anta.cn email address for the person responsible for financial reporting. These two email addresses appear to have been updated in 2016.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e25fca10-7ade-4d6a-a4ef-ec80dd1de3e6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 21, "type": "tension", "title": "Includes a screenshot of a government filing portal as evidence of the distributor's lack of independence.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 6, "textChars": 732, "nDataPoints": 0, "notes": "Includes a screenshot of a government filing portal as evidence of the distributor's lack of independence.", "elementsJson": [ "screenshot", "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:23.156+00", "seconds": 6.329, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/21", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If a distributor were truly arms-length, it would seem unusual to enter a supplier’s contact information in lieu of one’s own.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-49243c6144fa", "parentComponentId": null }, { "bbox": { "h": 0.285, "w": 0.75, "x": 0.125, "y": 0.125 }, "kind": "image", "text": "Screenshot of SAIC filing portal", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15479867-d52d-4ba4-b15d-2deb48a4188b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.117, "y": 0.435 }, "kind": "paragraph", "text": "If a distributor were truly arms-length, it would seem unusual to enter a supplier's contact information in lieu of one's own. In contrast to GZ Anda, Jiangsu Zhonghe, which we believe is a truly independent distributor, uses its own email server.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ca36649-9e81-45c6-a054-dcacd36ea666", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.117, "y": 0.575 }, "kind": "paragraph", "text": "When ANTA disclosed GZ Anda as a Connected Person, there was an obligation to obtain ANTA shareholder consent... One of the new distributors that ANTA engaged was 'SZ Kuayu'. This too is a secretly controlled Tier 1 distributor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2ff3fde-7504-4b85-a1cc-c9b9c57f0056", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.117, "y": 0.845 }, "kind": "source-note", "text": "27-30: References to SAIC filings, ANTA prospectus, and URLs.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8293e76-cac0-442f-8bff-98eeb1d0c7a2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.43, "x": 0.117, "y": 0.541 }, "kind": "title", "text": "Shenzhen Kuayu Sporting Goods Co. Ltd.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52c5a450-d323-42fd-8064-a07540e4914d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1d08633c-dd16-434b-84c8-bce448efe23e", "evidence": "The slide uses evidence of shared contact information in government filings to argue that distributors are not independent, implying fraudulent misrepresentation of arms-length relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:23.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 22, "type": "tension", "title": "The slide uses a photo and a quote from a media source to link an individual to ANTA management, supporting an investigation into corporate control.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 8, "textChars": 1156, "nDataPoints": 0, "notes": "The slide uses a photo and a quote from a media source to link an individual to ANTA management, supporting an investigation into corporate control.", "elementsJson": [ "photo", "paragraph", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:20.128+00", "seconds": 3.25, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/22", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "An investigator we sent to Shenzhen Kuayu’s registered address received confirmation that ANTA controls SZ Kuayu and other Guangdong distributors, and that each is a subsidiary of ANTA.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-e88a2e9de208", "parentComponentId": null }, { "bbox": { "h": 0.277, "w": 0.398, "x": 0.301, "y": 0.145 }, "kind": "image", "text": "Photo of Lin Aihui at a media event", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55a88681-4447-4ee7-9168-14182faee950", "parentComponentId": null }, { "bbox": { "h": 0.051, "w": 0.764, "x": 0.118, "y": 0.599 }, "kind": "paragraph", "text": "An investigator we sent to Shenzhen Kuayu’s registered address received confirmation that ANTA controls SZ Kuayu and other Guangdong distributors, and that each is a subsidiary of ANTA. Note that the SZ Kuayu representative maintained the charade until the investigator delivered a canny cover story.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "608cafde-9b76-4aba-8122-cdbb5410b44e", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "Manager and Legal Representative. However, he has been identified in media as the general manager of ANTA's Haikou, Hainan branch.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c778f17a-adb9-4041-9047-6c341339e248", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.544, "x": 0.228, "y": 0.554 }, "kind": "paragraph", "text": "Lin Aihui, the General Manager of the Haikou Branch of ANTA Sports told the Phoenix TV Network of Hainan that ANTA advocates sports and healthy living...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f339f944-d4e6-413b-a2b5-4949f8fc0347", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.398, "x": 0.301, "y": 0.424 }, "kind": "paragraph", "text": "安踏体育用品有限公司海口分公司总经理林爱辉告诉凤凰网海南频道，安踏提倡体育精神健康生活，与微马赛的主旨不谋而合，助力本次微马赛希望更多的人加入运动队伍，快乐运动，健康生活。（胡林）", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9a2dd7f-73bd-47f5-81bd-0bc7f7cc93ae", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Lin Aihui, the General Manager of the Haikou Branch of ANTA Sports told the Phoenix TV Network of Hainan that ANTA advocates sports and healthy living…” — Muddy Waters translation of Chinese text.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90b-eca0517185a6", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.45, "x": 0.118, "y": 0.881 }, "kind": "source-note", "text": "https://share.iclient.ifeng.com/shareNews?aid=cmpp_088800005963994", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40ed7dda-cbff-4de4-a731-40c7e5bfd41c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 23, "type": "tension", "title": "The slide includes photographic evidence of the company's office location in Excellence City, Shenzhen, alongside a dialogue transcript.", "function": "expose_contradiction", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 20, "componentCount": 4, "textChars": 688, "nDataPoints": 0, "notes": "The slide includes photographic evidence of the company's office location in Excellence City, Shenzhen, alongside a dialogue transcript.", "elementsJson": [ "screenshot", "photo", "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:19.024+00", "seconds": 2.115, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/23", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "SZKY: We are self-operated. (直营)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbee-5118465640b2", "parentComponentId": null }, { "bbox": { "h": 0.43, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "image", "text": "Office directory and entrance of Excellence City, Shenzhen", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "611c42a4-9b1c-42a2-b5c5-a08788e6d80e", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.66, "x": 0.17, "y": 0.47 }, "kind": "paragraph", "text": "Investigator: Is this the Shenzhen Kuayu Sporting Good Company? You do ANTA's brands right? If we would like to become a franchisee is that alright? SZKY: We don't do franchises. Investigator: How about as an agent? SZKY: We don't.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cc8c34a-4e1c-424c-8fb3-48a2364f8229", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Investigator: Is this the Shenzhen Kuayu Sporting Good Company? You do ANTA’s brands right? If we would like to become a franchisee is that alright? SZKY: We don’t do franchises. Investigator: How about as an agent? SZKY: We don’t. Investigator: So you are like… like… SZKY: We are self-operated. (直营) Investigator: So you are self-operated, not an agent? SZKY: Right", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbee-55b413fb5edf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 24, "type": "tension", "title": "The slide uses a transcript format to expose the relationship between ANTA and its distributors, contradicting claims of independent franchising.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 7, "textChars": 651, "nDataPoints": 0, "notes": "The slide uses a transcript format to expose the relationship between ANTA and its distributors, contradicting claims of independent franchising.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:24.197+00", "seconds": 6.906, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/24", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Guangzhou Zongrui is most interesting because of the additional evidence it provides that ANTA controls many Tier 1 distributors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-07e646385254", "parentComponentId": null }, { "bbox": { "h": 0.012, "w": 0.077, "x": 0.805, "y": 0.955 }, "kind": "paragraph", "text": "Page 24 of 92", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0067784a-71cd-4615-a636-859b2a2e43f7", "parentComponentId": null }, { "bbox": { "h": 0.635, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "SZKY: Mmm, that does not involve us, we are a Shenzhen company... [transcript continues]", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04a06349-f6a5-4c85-b13c-4b18373807c7", "parentComponentId": null }, { "bbox": { "h": 0.064, "w": 0.764, "x": 0.118, "y": 0.789 }, "kind": "paragraph", "text": "Guangzhou Zongrui is most interesting because of the additional evidence it provides that ANTA controls many Tier 1 distributors. We accessed its website (http://gzzongrui.com) using the Wayback Machine...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e52ef023-ce08-4a7a-a264-b20ba1c0529c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "SZKY: It's all self-operated, no franchises. ... SZKY: (Overlapping) Yes, all self-operated. ... SZKY: A subsidiary. ... Investigator: A subsidiary. SZKY: Yes.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-098338629844", "parentComponentId": null }, { "bbox": { "h": 0.012, "w": 0.185, "x": 0.118, "y": 0.894 }, "kind": "source-note", "text": "32 广州市纵锐体育用品有限公司", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ece714e8-a805-41a0-8e20-c8c16fb876ac", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.353, "x": 0.118, "y": 0.758 }, "kind": "title", "text": "Guangzhou Zongrui Sporting Goods Co. Ltd.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0f1d0c4-a87b-46cb-abf5-bb3d079787d3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 25, "type": "tension", "title": "The slide documents a forensic investigation into a distributor's website, highlighting a link to an internal email directory.", "function": "expose_contradiction", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 19, "componentCount": 4, "textChars": 612, "nDataPoints": 0, "notes": "The slide documents a forensic investigation into a distributor's website, highlighting a link to an internal email directory.", "elementsJson": [ "screenshot", "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:20.151+00", "seconds": 2.747, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/25", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The fact that a purportedly independent distributor would have a single file of ANTA email addresses, commingling people supposedly independent from ANTA with people working at ANTA, is evidence of control.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-961282d01398", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "image", "text": "Screenshots of the internal portal website showing links to software and email directories.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82979e59-e9bd-4d3d-87e3-c117ccb00401", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.73 }, "kind": "paragraph", "text": "When we clicked on that link, it downloaded a .csv file named andaoffice20151225.csv. It is noteworthy that the file name references Anda. The file contains 488 email addresses, all of which use the ANTA.cn domain.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3bc7d04e-d5fa-4f1d-ae00-cbecba208d49", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "33 “办公室邮箱地址” 34 Note that the link to the file now appears broken. We last accessed it in March 2019.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73d9952a-55b4-4461-9222-d1e6c34260d6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 26, "type": "tension", "title": "The slide presents a list of names and email addresses as proof of shared infrastructure.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 20, "componentCount": 5, "textChars": 511, "nDataPoints": 0, "notes": "The slide presents a list of names and email addresses as proof of shared infrastructure.", "elementsJson": [ "paragraph", "screenshot", "data_table" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:19.984+00", "seconds": 2.46, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/26", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "When coupling that with the apparent access to the Yundong email system, the notion of separation becomes farcical.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-32b5b115d94b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "at ANTA, is just another sign that there is no separation. When coupling that with the apparent access to the Yundong email system, the notion of separation becomes farcical.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c4add2d-379f-48e3-8f1f-638047684ff4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.11, "y": 0.67 }, "kind": "paragraph", "text": "The file commingles various ANTA corporate administrative email addresses, such as for HR, Customer Service, and Finance:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf7885df-1ea2-4449-a725-cd970483ffcc", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.11, "y": 0.72 }, "kind": "table", "text": "List of department names and corresponding email addresses", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ed00041-24ed-462e-897d-fc2d84b39b62", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.6, "x": 0.18, "y": 0.16 }, "kind": "table", "text": "List of names and email addresses (466-488)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:19.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cdbfd25-f896-4da3-b820-fda86c3c7d06", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 27, "type": "tension", "title": "The slide presents investigative findings regarding proxy networks, specifically highlighting connections between Anta executives and distributor personnel.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 5, "textChars": 610, "nDataPoints": 0, "notes": "The slide presents investigative findings regarding proxy networks, specifically highlighting connections between Anta executives and distributor personnel.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:20.296+00", "seconds": 2.701, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/27", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Clicking on this leads to a webmail portal, which we suspect is for Yundong – we urge regulators to move quickly to obtain email and data from this server.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-60e8760cbf24", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "image", "text": "Wayback Machine capture of Zongrui portal showing Anta-related email and system links.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2cbfee6-ac6d-4a24-8e65-0570593b3068", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.69 }, "kind": "paragraph", "text": "Clicking on this leads to a webmail portal, which we suspect is for Yundong – we urge regulators to move quickly to obtain email and data from this server:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ef7fe93-af1b-47d8-a02e-a641a94f34bd", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.15 }, "kind": "paragraph", "text": "The list also contains GZ Anda address book information, which reinforces that these distributors are part of a network of Anta proxies. (Anda purportedly established Zongrui.)...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c06bb6b5-4a98-4c1f-a7c1-20c5e90dc563", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "35 ANTA 2007 prospectus, pp. 88-89.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:20.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2a30045-0c59-4e66-a965-146e0b9eb640", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 28, "type": "tension", "title": "Includes a screenshot of a Wayback Machine capture of an Outlook Web App login page, likely used to imply a shared IT infrastructure or connection.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 8, "textChars": 1515, "nDataPoints": 4, "notes": "Includes a screenshot of a Wayback Machine capture of an Outlook Web App login page, likely used to imply a shared IT infrastructure or connection.", "elementsJson": [ "screenshot", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:21.67+00", "seconds": 3.885, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/28", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-28", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In the prospectus, ANTA states that both Mr. Su Weiqing and Ms. Wang Shuying were “Independent Third Parties” and that “save for being the shareholders of our current and past distributors, ... Mr. Su Weiqing [and] Ms. Wang Shuying have no relationship with our Group, our Directors or senior management, our shareholders or their respective associates”. This statement is another lie.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-c7549d27ef93", "parentComponentId": null }, { "bbox": { "h": 0.46, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "image", "text": "Wayback Machine capture of Outlook Web App login for ydmail.anta.cn", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3bed83b0-1698-4ba1-986c-30ec9e050fe9", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.73 }, "kind": "paragraph", "text": "The relationships between Su Weiqing and Wang Shuying on one hand, and ANTA insiders on the other pre-dated BJ Jiyuan. Mr. Su Weiqing is the head of the Ding families' ANTA (Fujian) Shoes Industry Beijing Branch sales office, a private company outside of the ListCo's structure.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4607794e-ce07-43eb-8c15-331ac2d45e3f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.54 }, "kind": "paragraph", "text": "BJ Jiyuan is one of ANTA's largest distributors. In 2017, it recorded COGS of RMB 576.6 million, which equates to approximately 3.45% of the ListCo's sales.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0750a86-41d8-469a-96d4-e1b0a4c71346", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.6 }, "kind": "paragraph", "text": "Messrs. A, C, and D stated that ANTA controls BJ Jiyuan. In the prospectus, ANTA states that both Mr. Su Weiqing and Ms. Wang Shuying were 'Independent Third Parties' and that 'save for being the shareholders of our current and past distributors, ... Mr. Su Weiqing [and] Ms. Wang Shuying have no relationship with our Group, our Directors or senior management, our shareholders or their respective associates'. This statement is another lie.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d63d3be3-0f04-45dd-8c9b-0731d0ad2969", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Independent Third Party” — ANTA Prospectus", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-caa7258a5a6c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.81 }, "kind": "source-note", "text": "Footnotes 36-39 detailing company name, financial performance, and prospectus definitions.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4403129d-6eb3-459a-9d7c-6c015cd31d36", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.11, "y": 0.51 }, "kind": "title", "text": "Beijing Jiyuan Shengbao International Trading Co. Ltd.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb32639f-f1dc-46dd-b7f6-b4c44e24966a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4380b6b5-b9f0-4a63-9f78-9d4c25eda9d5", "evidence": "The slide explicitly labels a prospectus statement as a 'lie' and provides evidence of undisclosed related-party control.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:49:21.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 29, "type": "tension", "title": "The slide uses a screenshot of a Chinese government enterprise credit website with English annotations added to explain the fields.", "function": "expose_contradiction", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 6, "textChars": 1175, "nDataPoints": 0, "notes": "The slide uses a screenshot of a Chinese government enterprise credit website with English annotations added to explain the fields.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:21.093+00", "seconds": 2.942, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/29", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-29", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The other appointed members of the private Ding family ANTA (Fujian) Shoes Industry sales offices are family members, ANTA company “veterans”, or both.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-af267a5da3d0", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.58, "x": 0.21, "y": 0.15 }, "kind": "image", "text": "Screenshot of Beijing Municipal Enterprise Credit Information Public Network", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33f4e7e7-0974-4b0e-914b-2cd414a9e0ad", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.57 }, "kind": "paragraph", "text": "Second, in a 2003 news article covering a joint press conference held by Sohu and ANTA to launch the “ANTA 100 Person Cheering Group Mission to Athens” for the 2004 Athens Olympics, Mr. Su Weiqing was identified in a photograph as the General Manager of ANTA (China) Company Limited’s Beijing Branch. (Also see the 2018 article referenced on p. 31.)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47b93895-18a4-4e5b-b542-8a66b239f8ba", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "See also Appendix B, ANTA (Fujian) Shoes Industry. The other appointed members of the private Ding family ANTA (Fujian) Shoes Industry sales offices are family members, ANTA company “veterans”, or both.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65d237c0-4b7f-442d-acc8-d33373766260", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.52 }, "kind": "paragraph", "text": "According to the publicly available information in Beijing’s online enterprise credit information system, no changes to the sales representative office have been made since March 2009.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2de9d21-0d75-4110-8630-764e99107c0d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.86 }, "kind": "source-note", "text": "40 http://sports.sohu.com/2003/11/20/41/news215834172.shtml\n41 For additional background on the “ANTA 100 Person Cheering Group Mission to Athens” campaign: http://sports.sohu.com/2003/11/19/38/news215793889.shtml", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa479c67-c2a1-4380-ae4d-acaa8c672497", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 30, "type": "tension", "title": "The slide uses a news clipping from 2003 to demonstrate that an individual claimed to be merely a 'distributor' was actually a high-level employee of a subsidia", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 8, "textChars": 1536, "nDataPoints": 0, "notes": "The slide uses a news clipping from 2003 to demonstrate that an individual claimed to be merely a 'distributor' was actually a high-level employee of a subsidiary.", "elementsJson": [ "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:21.44+00", "seconds": 3.023, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/30", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.74 }, "kind": "callout", "text": "The original statement made in the prospectus that 'save for their role as distributors... Mr. Su Weiqing or Ms. Wang Shuying having no relationship with our Group... is clearly contradicted by representations to the media and the information in the SAIC files.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66bf71e9-c3d0-4afe-84aa-e55275081053", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The original statement made in the prospectus that “save for their role as distributors… Mr. Su Weiqing or Ms. Wang Shuying having no relationship with our Group, our Directors or senior management, our shareholders or their respective associates aside from being a distributor” is clearly contradicted by representations to the media and the information in the SAIC files.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-e063efe02ef8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.2, "x": 0.399, "y": 0.16 }, "kind": "image", "text": "Photograph of Su Weiqing at a press conference", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8acb09c7-bac0-4efd-ac1c-c7801ded197b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.54 }, "kind": "paragraph", "text": "Translation: On November 20, 2003, Beijing, the leading domestic new media... company Sohu... and the country's leading sports brand, ANTA (China) Co., Ltd., held a grand press conference.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "912b1bab-aafd-4319-a0bb-7e0188a86ddb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.65 }, "kind": "paragraph", "text": "ANTA (China) is a wholly owned subsidiary of the ListCo. As such, Mr. Su Weiqing had been and continued to work both for the Ding families as their ANTA (Fujian) Shoes Industry Beijing Branch sales office representative and as an employee at their future ListCo's subsidiary, ANTA (China) Co., Ltd.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3592adc-b6ff-4f0d-bc3c-522ab4f8ba3f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“save for their role as distributors… Mr. Su Weiqing or Ms. Wang Shuying having no relationship with our Group, our Directors or senior management, our shareholders or their respective associates aside from being a distributor” — ANTA Prospectus", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-e7f4ba8f98ba", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.15, "y": 0.88 }, "kind": "source-note", "text": "42 ANTA Prospectus, p. 15; 43 ANTA Prospectus, p. 87", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77dfe736-9c24-4656-a126-eefef15264d5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.34, "x": 0.33, "y": 0.1 }, "kind": "title", "text": "ANTA (China) Co., Ltd., Beijing Branch General Manager Su Weiqing (Image)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "694928fa-3035-4f02-9a7d-acf753a7e053", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "cd88a054-8c3c-4c3f-9f10-6a3644b44f66", "evidence": "Contradicting prospectus claims with external evidence (SAIC files/media)", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:21.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 31, "type": "tension", "title": "The slide uses corporate registration documents to expose the relationship between the Chairman's cousin (Lin Sankuang) and the company's ownership history.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 963, "nDataPoints": 4, "notes": "The slide uses corporate registration documents to expose the relationship between the Chairman's cousin (Lin Sankuang) and the company's ownership history.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:23.574+00", "seconds": 5.146, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/31", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In the course of our investigation, we frequently encountered Mr. Lin Sankuang’s name associated with a variety of ANTA controlled distributors, and were subsequently informed that he is a cousin (表弟) of the Chairman.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-1062586aff22", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.76, "x": 0.12, "y": 0.32 }, "kind": "image", "text": "Corporate registration documents showing share transfer and legal representative change.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e944d6f6-6fd7-4ee2-8c05-41146d9ba9da", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.78 }, "kind": "paragraph", "text": "After ANTA went public, the continuing “independence” of BJ Jiyuan Shengbao from the ListCo was periodically undermined by the ListCo itself, as well as by the involvement of its apparent associates, such as Li Yuxiong, Lin Sankuang, and Ding Lianhe.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cbdee4d-5435-42d3-ada1-4c8d0573fd33", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "paragraph", "text": "Additionally, when BJ Jiyuan Shengbao was established, there were two founding shareholders: Mr. Su Weiqing with 52% ownership, and Mr. Lin Sankuang with 48% ownership. Mr. Lin Sankuang was also appointed the original legal representative.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fe085f4-d264-4fd3-9d69-0eb3d4549cc4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Interview with former senior manager, Mr. C — Footnote 44", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-165506f79905", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.87 }, "kind": "source-note", "text": "44 Interview with former senior manager, Mr. C. 45 Ding Lianhe also holds an interest in various distributors...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27b114e3-08d3-4fc6-9426-41adb7d1f625", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9fb709d8-3876-481c-82db-0d099e7ecb52", "evidence": "The slide uses corporate records to link the Chairman's cousin to the company, undermining the claim of independence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:23.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 32, "type": "tension", "title": "Contains detailed footnotes regarding corporate registration and ownership history.", "function": "expose_contradiction", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 5, "textChars": 3019, "nDataPoints": 4, "notes": "Contains detailed footnotes regarding corporate registration and ownership history.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:22.457+00", "seconds": 3.863, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/32", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-32", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In part because of the involvement of ANTA proxies Lin Sankuan and Su Weiqing, we believe Li Yuxiong is in substance another manager from ANTA, and is not an independent party.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-2f0f6619bddb", "parentComponentId": null }, { "bbox": { "h": 0.126, "w": 0.764, "x": 0.118, "y": 0.163 }, "kind": "paragraph", "text": "The first was in April 2011, when Li Yuxiong was appointed as the CEO / General Manager of BJ Jiyuan. In part because of the involvement of ANTA proxies Lin Sankuan and Su Weiqing, we believe Li Yuxiong is in substance another manager from ANTA, and is not an independent party. Further, in a 2012 news article, Li Yuxiong self-identified as the CEO / General Manager of the ANTA Group's Sichuan Branch. At one point, he was the beneficial owner of Chengdu ANTA through a trust arrangement structured in a manner similar to that between Ms. Wang Shuying and Beijing Oriental ANTA. (We doubt the substance of that purported trust, in part because Ding Shiyong was shown to be the contact person for Beijing Oriental ANTA.)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.457+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2adf2c12-7526-4f2c-ac91-fff19cea1ef8", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "Over the next few years, BJ Jiyuan made several structure changes and increased its registered capital incrementally from RMB five million in 2006 to RMB 40 million in 2014. Several of these changes were significant.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.457+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9644aef3-8247-482b-a2c5-5b068fc5d871", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We permitted the distributors to use the Chinese characters “安踏” (ANTA) as part of their corporate name to reflect the association of our distributors with us which we considered would facilitate the development of the new markets by such distributors in view of our brand promotion. — ANTA Prospectus", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-31c30247d731", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.764, "x": 0.118, "y": 0.608 }, "kind": "source-note", "text": "46 BJ Ji Yuan Shengbao SAIC Hardcopy 变更 1\n47 http://news.sina.com.cn/o/2013-04-24/161226935545.shtml\n48 ANTA Prospectus, p. 84-85\n49 ANTA Prospectus, p. 86-87, According to the prospectus, Beijing ANTA Oriental Sports Goods Co. (Beijing ANTA Oriental), was established in 2001 with a RMB 10 million investment made by Chairman Ding Shizhong and ANTA Executive Director Wang Wenmo an interest-free loan to Wang Shuying, the wife of Mr. Su Weiqing. In the subsequent years, the loan was repaid, and in October 2006, the share interest in Beijing ANTA Oriental was transferred to Ms. Wang. ANTA disclosed that in 2005, Beijing ANTA Oriental was its largest customer. In January 2007, Mr. Su Weiqing closed Beijing ANTA Oriental, replacing it with a new company, BJ Jiyuan Shengbao. Management explains that the reason Chengdu ANTA, Shenyang ANTA and Beijing ANTA Oriental were dissolved and replaced with new entities was due to their registration with the ANTA Chinese name. \"We permitted the distributors to use the Chinese characters \"安踏\" (ANTA) as part of their corporate name to reflect the association of our distributors with us which we considered would facilitate the development of the new markets by such distributors in view of our brand promotion. Now that the ANTA sales network is established in those markets, the relevant entities have been or are in the course of being de-registered or have ceased operation pending liquidation and the replacement entities no longer have the Chinese characters \"安踏\" (ANTA) in their corporate name.\n50 http://www.jinyuqiao.com/beijing/co/662269.htm#contact", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.457+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e656ded-7e81-44fb-b2f0-0319539f44bd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 33, "type": "appendix", "title": "The slide contains two source documents (a news clipping and a board resolution) followed by an analytical summary text.", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 6, "textChars": 503, "nDataPoints": 0, "notes": "The slide contains two source documents (a news clipping and a board resolution) followed by an analytical summary text.", "elementsJson": [ "screenshot", "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:21.384+00", "seconds": 2.746, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/33", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Li Yuxiong leads us to other distributors that we assume are also controlled by ANTA.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-f9dbb03f224e", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.7, "x": 0.15, "y": 0.1 }, "kind": "image", "text": "News clipping about Sichuan disaster relief", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.384+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f6c6571-bfce-4ba9-9108-0d28b3299b4f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.48 }, "kind": "image", "text": "Board resolution document", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.384+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92167489-1024-406d-84cc-79a6998b682c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.78 }, "kind": "paragraph", "text": "Li Yuxiong leads us to other distributors that we assume are also controlled by ANTA. He was the founder of Sichuan Anda and has remained its 100% owner. Li Yuxiong, is or has been, a shareholder at other ANTA distribution and retailing companies, including:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.384+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6201eeb2-d8a3-469c-8e1c-b839e92f49b9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "金牛区侨联常委、安踏集团四川分公司总经理李宇雄捐款2万元。 — China News (中新网)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90c-fd7801a0af7a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.05 }, "kind": "title", "text": "Li Yuxiong's Background and ANTA Connections", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.384+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b987dce-be7b-4b93-b989-7e7c37031d60", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 34, "type": "tension", "title": "Includes a transcript excerpt from an investigator interview and references to SAIC filings and ANTA prospectus.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 9, "textChars": 1819, "nDataPoints": 0, "notes": "Includes a transcript excerpt from an investigator interview and references to SAIC filings and ANTA prospectus.", "elementsJson": [ "bullet_list", "paragraph", "quote_block", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:22.762+00", "seconds": 4.098, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/34", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-34", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Because the role of a General Manager is usually to oversee day-to-day operations, given Li Yuxiong’s extensive business in Sichuan, he would seem an unlikely General Manager for BJ Jiyuan Shengbao - unless his real role is to be a proxy.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-4677446ed752", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "list", "text": "90% shareholder of Chongqing Chishang Sporting Goods... Executive Director at Sichuan Chaoyue Sporting goods", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4923047d-650a-4616-8071-3b01aabb8e54", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.53 }, "kind": "paragraph", "text": "We believe that this statement is accurate because in a June 2018 article about an ANTA team building exercise led by Chairman Ding Shizhong, Lin Sankuang was identified as the CEO/ GM of ANTA Kunming. His association with ANTA Kunming corroborates one part of the senior former manager’s statement.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ed14b0c-d3fe-44ca-b384-3854e84cca0d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.33 }, "kind": "paragraph", "text": "Among the two new shareholders, we regard Mr. Lin Sankuang as key. He was specifically declared an independent third party in the ANTA Prospectus. One of our sources discussed Lin Sankuang:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39877f27-fbff-47c9-bda7-b22ca17a276d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.26 }, "kind": "paragraph", "text": "The second significant structural change to BJ Jiyuan Shangbao’s shareholding occurred on April 1, 2016... ownership split was Su Weiqing, 48%; Ding Lianhe, 27%; and Lin Sankuang, 25%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9043ccc6-49ec-40fa-9e3d-f6133345d8cc", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.17 }, "kind": "paragraph", "text": "Because the role of a General Manager is usually to oversee day-to-day operations... he seems much better suited to be a proxy than a true manager.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3afab9e-6adc-43d0-9990-48e337e17059", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.6, "x": 0.18, "y": 0.39 }, "kind": "quote", "text": "Investigator: How about Lin Sankuang? Mr. C. Yes I do [know him]. We worked in the same office [at the Xiamen Headquarters]. Investigator: What's the function of Mr. Lin Sankuang? Mr. C. He is the cousin of Ding Shizhong. He is in charge of the Yunnan subsidiary.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "763aa297-d372-4044-862c-dab0623ea0de", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Investigator: How about Lin Sankuang? Mr. C. Yes I do [know him]. We worked in the same office [at the Xiamen Headquarters]. Investigator: What's the function of Mr. Lin Sankuang? Mr. C. He is the cousin (表弟) of Ding Shizhong. He is in charge of the Yunnan subsidiary. — Mr. C (Source: Muddy Waters interview)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-492cde66d00a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.14, "y": 0.75 }, "kind": "source-note", "text": "51-55 Footnotes detailing SAIC files, ANTA prospectus, and external article links.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c321709-5a48-4399-baf5-3059d51853bc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "01f9f031-02c3-4fb0-96d0-5d52bad531fb", "evidence": "Argues that declared independent parties are actually proxies/relatives of the Chairman.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:22.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 35, "type": "evidence", "title": "The slide features a photo of the team, a descriptive paragraph about the expedition, and a direct quote from a company executive.", "function": "illustrate_case", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 6, "textChars": 463, "nDataPoints": 2, "notes": "The slide features a photo of the team, a descriptive paragraph about the expedition, and a direct quote from a company executive.", "elementsJson": [ "photo", "paragraph", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:21.827+00", "seconds": 2.869, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/35", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.58, "x": 0.21, "y": 0.56 }, "kind": "callout", "text": "从远赴哈佛进修，再到征战戈壁，密集的“高管修炼特训”覆盖了安踏集团旗下各品牌高管团队，都是围绕“创业新十年”的主题，思考和探寻回归本源和初心。", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36e8aa0f-4cb0-4751-b24c-7733d6e572fd", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.62, "x": 0.19, "y": 0.11 }, "kind": "image", "text": "Group photo of ANTA executives on the Gobi expedition", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5330ceb9-44c7-4161-98c0-01b98a003dd7", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.58, "x": 0.21, "y": 0.43 }, "kind": "paragraph", "text": "步履不停，心胜则赢。四天三夜，112公里，安踏集团“创业新十年，同戈同心”的戈壁征程终于冲向胜利的终点。在这次体力与心理的极限挑战中，每个人都实现了自我超越的升华，以一种看不见的力量引领着安踏向创业新十年昂首迈进！", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98b1ac85-20d8-433f-9e24-34248c908cb2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.74 }, "kind": "quote", "text": "我们团队战术考虑得最多是整个集体，我在离终点5公里的时候，扛着红旗，确保所有的远征军第二师人员都能安全到达，这才是我们的大目标。", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39ade3f0-1565-4ce6-a751-515a7ba3ab6a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“我们团队战术考虑最多是整个集体，我在离终点5公里的时候，扛着红旗，确保有的远征军第二师人员都能安全到达，这才是我们的大目标。” — Anta Kunming Company's General Manager: Lin Sankuang", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-646023f7c75a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.15, "y": 0.88 }, "kind": "source-note", "text": "https://mp.weixin.qq.com/s/fCOOSaTAVT3C5ftB5Tl2Rg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd57754a-518c-423f-b2be-10800e5256d7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 36, "type": "tension", "title": "The slide uses specific examples of distributors to argue that they are effectively subsidiaries of ANTA, contradicting official claims.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 7, "textChars": 1372, "nDataPoints": 0, "notes": "The slide uses specific examples of distributors to argue that they are effectively subsidiaries of ANTA, contradicting official claims.", "elementsJson": [ "paragraph", "bullet_list", "quote_block", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:22.07+00", "seconds": 3.046, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/36", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-36", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In a 2018 article covering a visit by the Beijing Fujian Chamber of Commerce, Mr. Su introduced his company and its relationship with ANTA plainly stating that Beijing Jiyuan Shengbao is a part of Anta and is its self-operated retailer in Beijing.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-7fe28df2fb02", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "list", "text": "Shenyang ANTA Sports Goods, Quanzhou Binhui, Nanjing Xinyuedong Sporting Goods, Jinan Anchuang", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23413f67-2f01-4e38-aa37-fe255c00d2f0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.11 }, "kind": "paragraph", "text": "Lin Sankuang is and has been involved with a large number of ANTA distributors, including:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28409db1-cb96-4780-a6d8-cd921c0a958b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.42 }, "kind": "paragraph", "text": "In addition to all of the overwhelming evidence of the customer-as-subsidiary relationship between Anta and Beijing Jiyuan Shengbao, Mr. Su's own public statements attest to this fact.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "997a7065-b6b9-48b0-aa6d-d4061a7aaed7", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.52 }, "kind": "quote", "text": "Beijing Jiyuan Shengbao International Trading Co. is the only distributor of the famous brand Anta (China) in Beijing and is ANTA's self-operated retailer in Beijing.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee69d674-a76b-4e16-8fda-ec718e3b3f4e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Beijing Jiyuan Shengbao International Trading Co. is the only distributor of the famous brand Anta (China) in Beijing and is ANTA’s self-operated retailer in Beijing. As a part of Anta, Beijing Jiyuan Shengbao International Trading Co. focuses on retail sales of “Anta”, “Fila”, and (other Anta) brands in the Beijing market, and has become the leading sportswear retail enterprise in the Beijing regional market. — Beijing Fujian Chamber of Commerce article", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-82bc968b8bb3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.82 }, "kind": "source-note", "text": "57 ANTA Prospectus, p. 85; 58 Quanzhou Binhui electronic SAIC file; 59 ANTA 2011 AR, p. 70; 60 http://www.sohu.com/a/232107782_266919", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d56ba10e-dfd5-4efe-9e68-72fbcc094180", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 37, "type": "tension", "title": "Includes a photo of a meeting, a Chinese text excerpt, and an interview transcript snippet regarding Su Weiqing and the Beijing subsidiary.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 5, "textChars": 1132, "nDataPoints": 1, "notes": "Includes a photo of a meeting, a Chinese text excerpt, and an interview transcript snippet regarding Su Weiqing and the Beijing subsidiary.", "elementsJson": [ "photo", "paragraph", "quote_block" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:22.755+00", "seconds": 3.605, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/37", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-37", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.29, "w": 0.64, "x": 0.18, "y": 0.1 }, "kind": "image", "text": "Meeting photo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "466f9120-b97f-44e6-b3cd-ab5e99c00a81", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.64, "x": 0.18, "y": 0.57 }, "kind": "paragraph", "text": "During our interviews with former senior managers, we also confirmed that BJ Jiayuan is considered a subsidiary of ANTA, as opposed to a truly independent distributor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92a2a32b-ac45-498e-a65e-feec4106b87e", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.64, "x": 0.18, "y": 0.79 }, "kind": "paragraph", "text": "Last, while reviewing the SAIC files for BJ Jiyuan, we found an unexpected transaction recorded with a subsidiary of the ListCo. In September 2010, Xiamen ANTA Investment Management Co. set up Beijing ANTA Sports Goods Co. 北京安踏体育用品有限公司, and in October 2012,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d411cee-396a-40ec-a655-b4d8e8fef5c7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.64, "x": 0.18, "y": 0.41 }, "kind": "paragraph", "text": "苏伟卿首先介绍了公司的发展情况。他说，北京吉元盛宝国际贸易有限公司是知名品牌安踏（中国）有限公司在北京地区的唯一经销商，是安踏公司在北京的自营销售公司。作为安踏集团产业的一部分，北京吉元盛宝国际贸易有限公司专注于“安踏”、“FILA”等品牌体育产品的北京市场销售业务，已成为北京区域市场领先的体育服装零售企业。随着公司规模进一步的扩大，选址在北京亦庄经济技术开发区，其公司发展环境更优越，发展后劲将更大。", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae2e9110-8eef-48e9-b91f-c20dc8d650ea", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.64, "x": 0.18, "y": 0.63 }, "kind": "paragraph", "text": "Investigator: How about Su Weiqing? Mr. C.: Yes, Mr. Su, he is the boss of the Beijing subsidiary. I can share with you why the ANTA, the ANTA brand compared to the Lining brand, why has it been is going up all these years – it’s very much related to ANTA’s channels. Mr. Su is the boss of the Beijing sub, he is worth over RMB 100 million. ANTA has stakes in a lot of subs, some even controlling stakes such as in its Fujian sub, Guangdong sub. But for the Beijing subsidiary, he is the boss.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0adcb35-da92-4efa-9358-927882829978", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ceb4772d-6baf-4860-9bc0-ccebb41b15f9", "evidence": "The slide explicitly contrasts public claims of independence with internal interview findings and SAIC records to expose a potential misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:22.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 38, "type": "tension", "title": "The slide uses investigative research to link specific individuals (Mr. Hong Yanqing, Mr. Lin Sankuang) to ANTA leadership, suggesting they act as proxies for t", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 7, "textChars": 1829, "nDataPoints": 0, "notes": "The slide uses investigative research to link specific individuals (Mr. Hong Yanqing, Mr. Lin Sankuang) to ANTA leadership, suggesting they act as proxies for the company.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:25.581+00", "seconds": 6.403, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/38", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-38", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "While the shareholding of these two companies is different, we believe that they are intertwined, both with each other and with ANTA’s insiders.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-32c9a8c68993", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.7 }, "kind": "disclaimer", "text": "61-65 Footnotes detailing SAIC electronic files and specific company relationships.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89127856-739a-4ce2-ab74-d39b9557695c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.47 }, "kind": "paragraph", "text": "Mr. Wu Weixin is the Legal Representative of Jinan Ruili. Mr. Wu Zengqiang is the Legal Representative and 90% shareholder of Jinan Anchuang. The other two shareholders of Jinan Anchuang are Mr. Hong Yanqing and Mr. Lin Sankuang.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45a78478-5033-4dce-b605-45b5bbeb5dba", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.39 }, "kind": "paragraph", "text": "Jinan Ruili and Jinan Anchuang are distributors in Shandong carrying Anta, Anta Kids, and Sprandi product lines. In 2017, Jinan Ruili was a major revenue generator. While the shareholding of these two companies is different, we believe that they are intertwined, both with each other and with ANTA’s insiders.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6033b033-0eb6-46fb-904e-08d29df3a758", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.53 }, "kind": "paragraph", "text": "As explained above, Mr. Lin Sankuang was identified as a relative of Chairman Ding and an ANTA proxy. Mr. Hong Yanqing is another apparently trusted long-term associate of Chairman Ding and the founding families.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "645b7977-d9be-4e21-be37-4e9013677ec5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "The sale of an “ANTA” named company to its so-called distributor contrasts starkly with ANTA’s apparent prior policy of requiring distributors who have used the ANTA brand name in their company name to deregister, liquidate, and re-establish themselves anew.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "908f3cbe-879d-4535-83cb-3b55be461b01", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We permitted the distributors to use the Chinese characters “安踏” (ANTA) as part of their corporate name to reflect the association of distributors with us which we considered would facilitate the development of the new markets by such distributors in view of our brand promotion. Now that the ANTA sales network is established in those markets, the relevant entities have been or are in the course of being de-registered or have ceased operation pending liquidation and the replacement entities no longer have the Chinese characters “安踏” (ANTA) in their corporate name. — ANTA Prospectus, p. 87", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-3656142de385", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2d972301-6990-4500-a846-20bcd8893c3c", "evidence": "The slide explicitly links distributors to company insiders to suggest undisclosed related-party transactions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:25.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 39, "type": "tension", "title": "The slide highlights a discrepancy between public corporate records and ANTA's official prospectus, suggesting undisclosed related-party relationships.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 6, "textChars": 996, "nDataPoints": 12, "notes": "The slide highlights a discrepancy between public corporate records and ANTA's official prospectus, suggesting undisclosed related-party relationships.", "elementsJson": [ "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:22.893+00", "seconds": 3.456, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/39", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-39", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This contasts with the ANTA Prospectus description of Mr. Hong Yanqing as an independent third party; likewise, it suggests that the two Wus are Anta managers, not independent distributors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-c71c79fdb08e", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.45 }, "kind": "paragraph", "text": "In a 2017 news announcement of a partnership between the Anta Group and a large Shandong shopping mall developer, Mssrs. Wu Zengqiang, Hong Yanqing, and Wu Weixin represented ANTA. In the article below, Wu Zengqiang was identified as the Chairman of the ANTA Shandong Branch; Hong Yanqing as its General Manager; and, Wu Weiqing as its Deputy General Manager. This contasts with the ANTA Prospectus description of Mr. Hong Yanqing as an independent third party; likewise, it suggests that the two Wus are Anta managers, not independent distributors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57cb55be-356b-4151-9ead-bf0e93ace71a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "66 http://www.sohu.com/a/136149119_498601 67 Anta Prospectus, p. 84", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66889bff-b309-445a-98f3-a4c1fc776930", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.66, "x": 0.17, "y": 0.32 }, "kind": "table", "text": "Shareholder list showing Lin Sankuang, Wu Zengqiang, and Hong Yanqing.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a64a907-d404-422a-91c3-f45dd80cb3e5", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.66, "x": 0.17, "y": 0.12 }, "kind": "table", "text": "Corporate registration details including legal representative, establishment date, and capital.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90b54f3c-e24a-49d0-9413-f71fcbfdc2a9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.22, "x": 0.39, "y": 0.09 }, "kind": "title", "text": "Jinan Anchuang Trading Co.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "174ab160-c642-4d94-a53a-d73bf530ee19", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "89505f54-89d0-433a-8776-29c67200baa1", "evidence": "Contradiction between prospectus and corporate records", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 40, "type": "tension", "title": "The slide uses a news clipping about a strategic partnership to contrast with the investigative finding that two supposedly distinct distributors share identica", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 7, "textChars": 706, "nDataPoints": 0, "notes": "The slide uses a news clipping about a strategic partnership to contrast with the investigative finding that two supposedly distinct distributors share identical recruitment profiles and potentially misleading establishment dates.", "elementsJson": [ "headline_text", "paragraph", "photo", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:23.049+00", "seconds": 3.469, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/40", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-40", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In fact, except for the name, the content and the descriptions of the two companies in the recruiting posts are identical.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-9b3b5ecc6f5b", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.46, "x": 0.27, "y": 0.34 }, "kind": "image", "text": "Photo of the strategic partnership signing ceremony", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec7081f5-c7d5-4fc6-8798-cc06505eb24d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.63 }, "kind": "paragraph", "text": "As we looked into Jinan Ruili and Jinan Anchuang, we found numerous overlaps between Jinan Ruili and Jinan Anchuang, both with ANTA and with each other.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36c6e3d3-1174-4e20-9f97-a4de71655f78", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.46, "x": 0.27, "y": 0.14 }, "kind": "paragraph", "text": "2017-04-24 17:26... 4月23日下午，安踏集团与银座集团战略合作启动仪式在山东济南和谐广场正式举行...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee37b65a-d49a-44fb-88ac-88ff85987f90", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.68 }, "kind": "paragraph", "text": "First, in local recruitment announcements, both Jinan Ruili and Jinan Anchuang described themselves as Tier 1 distributors in Shandong... the content and the descriptions of the two companies in the recruiting posts are identical.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6c5a8f2-113a-435b-9b1a-50c7d93d6dc3", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.82 }, "kind": "source-note", "text": "68, 69, 70: Links to recruitment sites and SAIC file analysis.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b521d1f7-7422-42ac-b930-6b6665690027", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.46, "x": 0.27, "y": 0.09 }, "kind": "title", "text": "安踏集团与银座集团达成战略合作“以消费者为导向”零售深耕", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "613aaf01-f0c9-4594-bd91-75475ef55a2d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "480199d1-633d-4b75-ae69-21c15d1fcba0", "evidence": "Exposing identical recruitment data to prove two entities are the same", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:23.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 41, "type": "tension", "title": "The company descriptions are identical, suggesting they are the same entity or closely linked under the same management.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 3, "textChars": 325, "nDataPoints": 0, "notes": "The company descriptions are identical, suggesting they are the same entity or closely linked under the same management.", "elementsJson": [ "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:21.98+00", "seconds": 2.353, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/41", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-41", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Furthermore, the same contact person is the administrator for both companies: Xue Chunrong.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-b0fd439c8a39", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.5, "x": 0.25, "y": 0.08 }, "kind": "image", "text": "Company profile screenshots for Jinan Ruili and Jinan Anchuang", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1063ba39-3914-47b1-897e-036132fa5bf2", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.58 }, "kind": "paragraph", "text": "Furthermore, the same contact person is the administrator for both companies: Xue Chunrong. chunrongxue@163.com is the same person as Jinan Ruili and xuechunrong08@anta.cn.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3afbff73-30a3-4a86-a89d-f7d121f271c2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 42, "type": "tension", "title": "The slide uses screenshots from a corporate registry tool (likely Tianyancha) to highlight overlapping contact details (phone numbers and emails) between Jinan ", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 9, "componentCount": 3, "textChars": 256, "nDataPoints": 0, "notes": "The slide uses screenshots from a corporate registry tool (likely Tianyancha) to highlight overlapping contact details (phone numbers and emails) between Jinan Ruili and Jinan Anchuang.", "elementsJson": [ "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:21.727+00", "seconds": 2.076, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/42", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-42", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Both have the same contact mobile phone number. Left: Jinan Ruili. Right: Jinan Anchuang.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-0b60b3ea80ee", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.8, "x": 0.1, "y": 0.05 }, "kind": "image", "text": "Screenshots of corporate registry profiles for Jinan Ruili and Jinan Anchuang.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c50142c-a752-4022-8fec-6b7ef0fab055", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.45 }, "kind": "paragraph", "text": "Both have the same contact mobile phone number. Left: Jinan Ruili. Right: Jinan Anchuang.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:21.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba7ccecd-982a-49fe-b167-61428255371b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c06d495f-7b00-447b-9d45-9cfff80d90cf", "evidence": "The slide identifies overlapping contact data to expose potential shell company relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:21.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 43, "type": "tension", "title": "The slide uses SAIC filing documents and anecdotal evidence from former managers to argue that Jinan Ruili and Zhengzhou Anfa are de facto subsidiaries of Anta.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 6, "textChars": 1110, "nDataPoints": 2, "notes": "The slide uses SAIC filing documents and anecdotal evidence from former managers to argue that Jinan Ruili and Zhengzhou Anfa are de facto subsidiaries of Anta.", "elementsJson": [ "paragraph", "screenshot" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:22.736+00", "seconds": 3.009, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/43", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-43", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The overlap of administrators, the key contact persons’ use of anta.cn email addresses for communications with the local government, and the shareholding of known associates, insiders, and relatives of the Ding family led us to conclude that Jinan Ruili and Jinan Anchuang are controlled by Chairman Ding and the founding Anta families and are de facto subsidiaries.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-1f02f6290e21", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.22 }, "kind": "image", "text": "SAIC hard copy files for Jinan Ruili contact persons", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.736+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb347649-5a01-4d07-b49d-b1426538964d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Above are the contact emails for Jinan Anchuang from its 2015 and 2017 Annual Reports. Note the 2015 report lists an ANTA email address. Below is the contact information from Jinan Ruili's SAIC hard copy file...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.736+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e530b2e-7c3a-46ec-adf7-2d86bcaa9292", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.78, "x": 0.11, "y": 0.66 }, "kind": "paragraph", "text": "Zhengzhou Anfa Sporting Goods Co. Ltd. \"ZZ Anfa\" is another of Anta's secretly controlled distributors. It's the third largest distributor among the 23 for which we have financials, recording RMB 613 million in sales in 2017...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.736+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45188559-1939-4ebf-9a9f-78fac93fb7c9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.5 }, "kind": "paragraph", "text": "The overlap of administrators, the key contact persons' use of anta.cn email addresses for communications with the local government, and the shareholding of known associates, insiders, and relatives of the Ding family led us to conclude...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.736+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dae1e87d-aa1f-4ffd-bf5b-991a181f70db", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "71 郑州安发体育用品有限公司", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.736+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b67b57a0-5164-4e56-a5bc-f44ef408a077", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2c90fbf9-bcbc-4a17-82d6-564cd317cb3a", "evidence": "The slide systematically exposes discrepancies between public filings and internal control indicators to prove undisclosed subsidiary relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:22.736+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 44, "type": "tension", "title": "The slide highlights a potential conflict of interest or undisclosed related-party transaction involving Lin Aiguo and Zhengzhou Anfa.", "function": "expose_contradiction", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 17, "componentCount": 4, "textChars": 529, "nDataPoints": 0, "notes": "The slide highlights a potential conflict of interest or undisclosed related-party transaction involving Lin Aiguo and Zhengzhou Anfa.", "elementsJson": [ "paragraph", "screenshot", "data_table" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:22.841+00", "seconds": 2.82, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/44", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-44", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.72, "x": 0.14, "y": 0.83 }, "kind": "paragraph", "text": "In addition to the controlling shareholders being blood relations or former employees of ANTA, ZZ Anfa's SAIC filings show that one of the two founding shareholders of ZZ Anfa is ListCo proxy/trusted lieutenant, Lin Aimin.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25bc1912-5b64-4a4f-b662-a4c41a4f40a4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.16 }, "kind": "paragraph", "text": "Lin Aiguo is an Independent Third Party. Our sales to Zhengzhou Anfa during the year ended December 31, 2006 amounted to approximately RMB9.2 million, accounting for approximately 0.7% of our total sales during the period.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "abeac5ee-2a65-4813-9343-3d3fceffebc5", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.38, "x": 0.31, "y": 0.41 }, "kind": "table", "text": "Biographical table for Lin Aiguo including work history and personal details.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "964626a9-721e-4fec-bb5e-cd5dc80b54e1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.45, "y": 0.12 }, "kind": "title", "text": "BUSINESS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20f5bb2a-fd85-4347-8fc2-59f5f96dde13", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 45, "type": "analysis", "title": "The slide contains annotated translations of Chinese legal documents, highlighting shareholder names (Chen Lixian, Lin Aimin), capital investment (300k/200k RMB", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 7, "textChars": 417, "nDataPoints": 4, "notes": "The slide contains annotated translations of Chinese legal documents, highlighting shareholder names (Chen Lixian, Lin Aimin), capital investment (300k/200k RMB), and ownership percentages (60%/40%).", "elementsJson": [ "paragraph", "screenshot", "callout_box" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:22.893+00", "seconds": 2.675, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/45", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-45", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Natural Person Shareholders: Chen Lixian, Lin Aimin", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-f7e0eab7697b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "2005 and appears to have transferred her shares shortly thereafter. After transferring her shares, Ms. Lin remained the Supervisor, a role she holds until this day.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0756c1a-2bda-4a7d-b1fe-cc39952e4b80", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.12, "y": 0.67 }, "kind": "source-note", "text": "Natural Person Shareholders: Chen Lixian, Lin Aimin", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "109f1fff-e62d-4c44-a163-fe710c96c874", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.16, "y": 0.55 }, "kind": "source-note", "text": "Registered Capital: Rmb 500,000", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c757f36-c547-404f-a1e4-f48b21e539a2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.13, "y": 0.42 }, "kind": "source-note", "text": "Scope of Operations: Sales of Sporting Goods", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fcc41a77-686f-46c3-a799-6bb434c24bb4", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.45, "x": 0.48, "y": 0.2 }, "kind": "table", "text": "Shareholder Capital Investment Table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6458439a-30ab-4b7a-8a7b-38a33c3a976b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.16, "y": 0.19 }, "kind": "title", "text": "Zhengzhou Anfa Articles of Incorporation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:22.893+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c14b64c-6ca0-4155-8d24-3692c4bb68a4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 46, "type": "tension", "title": "Includes a screenshot of the National Enterprise Credit Information Publicity System for Zhengzhou Anfa Sporting Goods Co., Ltd. and a transcript of an intervie", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 7, "textChars": 1250, "nDataPoints": 0, "notes": "Includes a screenshot of the National Enterprise Credit Information Publicity System for Zhengzhou Anfa Sporting Goods Co., Ltd. and a transcript of an interview with former ANTA senior managers.", "elementsJson": [ "screenshot", "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:23.44+00", "seconds": 3.06, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/46", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-46", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Two of the former senior managers confirmed that ZZ Anfa was, in practice, under the control of the Anta Group.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-7444f0c22147", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.54, "x": 0.23, "y": 0.08 }, "kind": "image", "text": "Screenshot of National Enterprise Credit Information Publicity System for Zhengzhou Anfa Sporting Goods Co., Ltd.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "beb2c87c-1d09-4c01-8d49-94971ae6c4d3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.86 }, "kind": "paragraph", "text": "Last, in Lin Aiguo’s own Weibo page he identifies his company, title, and role as the President of Guangzhou Anda Trade Development, and member of the Anta Group, and the Guangdong.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "679380de-7420-4294-aaec-643e1f059b3d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.5 }, "kind": "paragraph", "text": "In the course of our discussions with former senior managers at ANTA, we inquired about ZZ Anfa, Mr. Lin Aiguo, and Mr. Lin Aihui. Two of the former senior managers confirmed that ZZ Anfa was, in practice, under the control of the Anta Group.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc4fdfc9-f3d2-4720-ab2c-986af3fb6353", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.73 }, "kind": "quote", "text": "Investigator: Lin Aihui, 林爱辉? Mr. D: I didn’t have contact with him, hardly heard of him, he should be one of the relatives of Lin Aiguo.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a3174a1-c1b9-4203-9c4b-baff8df0853a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.58 }, "kind": "quote", "text": "Investigator: Lin Aiguo, 林爱国? Mr. D: He is very famous, one of Wu Yonghua’s relatives, the head of the Guangdong system, has made great contributions to Anta. Guangdong is about 40% of Anta. He is young and has much promise.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6e47084-01f6-4249-bb31-99a488705f79", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "He is very famous, one of Wu Yonghua’s relatives, the head of the Guangdong system, has made great contributions to Anta. Guangdong is about 40% of Anta. He is young and has much promise. Wu Yonghua is the VP of sales. — Former senior manager", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-7be6917ff1b9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "61d4dfcc-6caf-4bda-be52-1821516538b7", "evidence": "The slide uses corporate registry data and testimonial evidence to expose a hidden relationship between a third-party entity and the subject company.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:23.44+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 47, "type": "tension", "title": "The slide uses a screenshot of a Weibo profile to link a specific individual to a distributor, supporting the argument of hidden related-party transactions.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 8, "textChars": 1043, "nDataPoints": 0, "notes": "The slide uses a screenshot of a Weibo profile to link a specific individual to a distributor, supporting the argument of hidden related-party transactions.", "elementsJson": [ "screenshot", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.45+00", "seconds": 5.989, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/47", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-47", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "“Quanzhou Binhui” is yet another example of ANTA transferring ownership of a significant distributor from a disclosed related party to a proxy, and later to an employee of the ListCo.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90d-dd8669c1b82e", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.77, "x": 0.117, "y": 0.142 }, "kind": "image", "text": "Weibo profile screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "467cb749-5c32-4179-99f6-db6f5662f0e1", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.77, "x": 0.117, "y": 0.093 }, "kind": "paragraph", "text": "Henan, and Hainan distributors. Note that the image of the defecating frog had no influence on our decision to name this report “Turds in the Punchbowl”.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80a39468-12e1-49df-8c8e-563ece364ec5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.77, "x": 0.117, "y": 0.682 }, "kind": "paragraph", "text": "From the listing through the 2011 annual report, Quanzhou Binhui was disclosed by ANTA as a related party. However, similar to GZ Anda, ANTA stopped disclosing it as a related party in 2011 due to a change in shareholder structure.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84141918-4acd-4828-b9f0-344de6bbbbf9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.77, "x": 0.117, "y": 0.632 }, "kind": "paragraph", "text": "“Quanzhou Binhui” is yet another example of ANTA transferring ownership of a significant distributor from a disclosed related party to a proxy, and later to an employee of the ListCo.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2fc7075-0857-4c16-b8d0-522a18995edd", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.77, "x": 0.117, "y": 0.737 }, "kind": "paragraph", "text": "Given similar behavior occurred at Guangzhou Anda — shareholder structure changes resulted in ANTA proxies taking charge of significant distributors — we pulled the SAIC filings for Quanzhou Binhui:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af5494e9-aaeb-4bf2-a09f-69180a55ceba", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.29, "x": 0.117, "y": 0.848 }, "kind": "source-note", "text": "72 泉州斌辉贸易有限公司 73 Source: Prospectus P88", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47b03939-5666-40cf-bcb8-ea74c5636e5f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.345, "x": 0.117, "y": 0.596 }, "kind": "title", "text": "Quanzhou Binhui Trading Co. Ltd.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f66bffe-3681-4a95-a3a8-1101db8c72fb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 48, "type": "tension", "title": "The slide highlights a contradiction between the 'independent' status of a buyer and their actual role as a director of the ListCo's channel management.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 4, "textChars": 750, "nDataPoints": 2, "notes": "The slide highlights a contradiction between the 'independent' status of a buyer and their actual role as a director of the ListCo's channel management.", "elementsJson": [ "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:23.223+00", "seconds": 2.731, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/48", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-48", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "As can be seen in the above SAIC filings, ownership was transferred from Mr. Song Lifeng, the brother-in-law of Anta Executive Director Wu Yonghua and a connected person identified in the prospectus, to Mr. Ye Chengdong, a purported independent third party.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-4ae2cccdcb80", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.5, "x": 0.25, "y": 0.18 }, "kind": "image", "text": "Share transfer agreement document snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.223+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8967e57-1029-478b-9d63-a6d86679530a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.59 }, "kind": "paragraph", "text": "As can be seen in the above SAIC filings, ownership was transferred from Mr. Song Lifeng, the brother-in-law of Anta Executive Director Wu Yonghua and a connected person identified in the prospectus, to Mr. Ye Chengdong, a purported independent third party. However, Mr. Ye Chengdong is not a truly independent party. Mr. Ye Chengdong turns out to be the director of the ListCo's channel management, according to the following article:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.223+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e4db603-33c4-4320-b1bb-e63906dd4fb0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.35, "y": 0.13 }, "kind": "title", "text": "泉州斌辉贸易有限公司 股权转让协议", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:23.223+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "507ad549-6e6a-4549-902e-3beb904b4d13", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 49, "type": "appendix", "title": "The slide contains a mix of Chinese press release content and English investigative commentary regarding corporate structure and potential related-party transac", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 20, "componentCount": 5, "textChars": 535, "nDataPoints": 0, "notes": "The slide contains a mix of Chinese press release content and English investigative commentary regarding corporate structure and potential related-party transactions.", "elementsJson": [ "headline_text", "paragraph", "screenshot", "photo" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:27.082+00", "seconds": 6.552, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/49", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-49", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "But the shenanigans at Quanzhou Binhui don’t stop in 2011. In 2016, Quanzhou Binhui was again transferred to two men, one a current ANTA employee, the other a trusted ListCo lieutenant.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-5cc6b23c7493", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.7, "x": 0.15, "y": 0.48 }, "kind": "image", "text": "Event photo showing Anta Sports executives and partners.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.082+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68fb6a9f-b6c0-4403-aa57-22532766e64c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.21 }, "kind": "paragraph", "text": "4月21日下午，安踏与大连大商新玛特战略合作启动仪式在大连新玛特购物休闲广场正式举行...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.082+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77d1a229-ba49-460f-bbb4-a7f86fb90b32", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.76 }, "kind": "paragraph", "text": "Interviews with Mr. B and Mr. A both confirm that Quanzhou Binhui is considered a subsidiary. As far as we are aware, from the time of listing until present, the commercial relationship between the entities has not changed...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.082+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0579c7d-eda4-45c0-ae24-a699ba1c3686", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.09 }, "kind": "title", "text": "安踏与大商集团达成战略合作 全面推动零售转型优化", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.082+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3b7c6b2-0737-43f9-8acf-6021c618cee0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 50, "type": "tension", "title": "The slide presents a document snippet (SAIC filing) to support the claim that Quanzhou Binhui is controlled by ANTA-linked individuals (Lin Sankuang and Ding Ku", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 5, "textChars": 843, "nDataPoints": 0, "notes": "The slide presents a document snippet (SAIC filing) to support the claim that Quanzhou Binhui is controlled by ANTA-linked individuals (Lin Sankuang and Ding Kunming).", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:29.009+00", "seconds": 7.627, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/50", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-50", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Our interview with Mr. C indicates Mr. Lin is also the cousin (表弟) of the Chairman and head of ANTA’s Yunnan branch.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-dd55fddc9f52", "parentComponentId": null }, { "bbox": { "h": 0.198, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "the SAIC files, we can see that Quanzhou Binhui is now owned 20% by Lin Sankuang who was identified as one of the senior management group and participated in the “senior management special training”. Our interview with Mr. C indicates Mr. Lin is also the cousin (表弟) of the Chairman and head of ANTA’s Yunnan branch.74 The remaining 80% of Quanzhou Binhui is owned by Ding Kunming, who has owned or transferred at least three distributors over the last ten years.75", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0900d404-cedd-409b-b3e0-a550cd194d29", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Our interview with Mr. C indicates Mr. Lin is also the cousin (表弟) of the Chairman and head of ANTA’s Yunnan branch.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-e0629cc3a575", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.165, "x": 0.118, "y": 0.906 }, "kind": "source-note", "text": "74 Confirmed by Mr. C\n75 SAIC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81ff0aa2-df2a-46a0-af21-bcc7aab92c8f", "parentComponentId": null }, { "bbox": { "h": 0.725, "w": 0.454, "x": 0.273, "y": 0.268 }, "kind": "table", "text": "SAIC filing document showing 'Before' and 'Application for Change' for shareholders and legal representative.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af0d8d7a-884f-4711-9c41-26c6ce10f36f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 51, "type": "tension", "title": "Includes a screenshot of a Chinese news article as evidence of the connection between the company and its actual management.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 7, "textChars": 1444, "nDataPoints": 0, "notes": "Includes a screenshot of a Chinese news article as evidence of the connection between the company and its actual management.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:27.968+00", "seconds": 6.299, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/51", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-51", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "ANTA’s prospectus claims that Sichuan Anda was established in August 2006 by Li Yuxiong. First, we established with BJ Jiyuan that Li Yuxiong is an ANTA proxy. Second, the statement that he established Sichuan Anda is a lie.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90f-4e0f145ddfeb", "parentComponentId": null }, { "bbox": { "h": 0.635, "w": 0.484, "x": 0.258, "y": 0.335 }, "kind": "image", "text": "Screenshot of a news article regarding earthquake relief efforts mentioning the company.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56db31c8-534c-49ad-8610-896120ea3c48", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.182 }, "kind": "paragraph", "text": "ANTA's prospectus claims that Sichuan Anda was established in August 2006 by Li Yuxiong. First, we established with BJ Jiyuan that Li Yuxiong is an ANTA proxy. Second, the statement that he established Sichuan Anda is a lie.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01285e56-992e-4692-94ed-d1dbfbcf1742", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.127 }, "kind": "paragraph", "text": "Sichuan Anda, a significant distributor that runs 200 self-operated stores and 270 franchise stores, and is owned by a key associate who has extensive ties to two other distributors in the network.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3380075-92aa-4133-825c-4548b205dc31", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.237 }, "kind": "paragraph", "text": "Sichuan Anda wasn't established by Li Yuxiong as stated in the prospectus: it was established by Hong Yanqing and Lin Sankuang. Lin Sankuang is apparently one of the senior management members of the group, since he took part in “senior management special training”. Hong Yanqing is another key lieutenant and proxy for the family.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e79591d7-2997-4358-af5f-18e37fa4eec8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Sichuan Anda wasn’t established by Li Yuxiong as stated in the prospectus: it was established by Hong Yanqing and Lin Sankuang. Lin Sankuang is apparently one of the senior management members of the group, since he took part in “senior management special training”. Hong Yanqing is another key lieutenant and proxy for the family. — Muddy Waters", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90f-5385d0438296", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.325, "x": 0.118, "y": 0.092 }, "kind": "title", "text": "Sichuan Anda Sporting Goods Co. Ltd.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20d4449d-f4f8-4683-855c-df536b4aa743", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0aa36010-ebe9-4a08-b563-cd7adc5a6cb5", "evidence": "Directly refutes prospectus claims with external evidence.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:49:27.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 52, "type": "appendix", "title": "This is a scanned legal document (Application for Change of Company Registration).", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 12, "componentCount": 4, "textChars": 231, "nDataPoints": 0, "notes": "This is a scanned legal document (Application for Change of Company Registration).", "elementsJson": [ "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.779+00", "seconds": 4.798, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/52", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-52", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.6, "x": 0.2, "y": 0.74 }, "kind": "paragraph", "text": "本公司依照《中华人民共和国公司法》、《中华人民共和国公司登记管理条例》申请变更登记，提交材料真实有效。谨对真实性承担责任。", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.779+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa0bc151-588a-4355-8e48-edc567ee7976", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.2, "y": 0.85 }, "kind": "source-note", "text": "注：1、申请变更记事项只填写变更的内容。 2、提交的文件、证件应当使用A4纸。 3、应当使用钢笔、毛笔或签字笔整地填写表格或签字。", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.779+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48e38a7a-dd44-4e33-b4ee-363c6a5d29a6", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.6, "x": 0.2, "y": 0.18 }, "kind": "table", "text": "Registration change application form detailing company name, address, capital, and shareholders.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.779+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06ddbb92-daa0-48b8-b66e-54b06bee8b92", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.15 }, "kind": "title", "text": "公司变更登记申请书", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.779+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7cf31d1-91c9-40bd-a05a-cf2a9257ff5e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 53, "type": "tension", "title": "The slide uses corporate registry data to challenge the independence of Anta distributors.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 8, "textChars": 906, "nDataPoints": 6, "notes": "The slide uses corporate registry data to challenge the independence of Anta distributors.", "elementsJson": [ "paragraph", "headline_text", "screenshot", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:25.75+00", "seconds": 3.766, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/53", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-53", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In an interview with a former Anta senior manager, (Mr. B.) we confirmed Kunming Anzhi is also considered a subsidiary.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-99324bc2809d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.11 }, "kind": "paragraph", "text": "Li Yuxiong also has a stake in or is manager of three of Anta's other independent distributors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27626328-ee8e-4589-848b-117726200667", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.3 }, "kind": "paragraph", "text": "KM Anzhi is a major Anta tier 1 distributor... In 2017, it recorded COGS of RMB 352.3 million... In an interview with a former Anta senior manager, (Mr. B) we confirmed Kunming Anzhi is also considered a subsidiary.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "807fc9a8-46f1-46d9-b5e3-45ad32e64e92", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.15 }, "kind": "paragraph", "text": "In the prospectus, Mr. Hong Yanqing is described as an independent third party; however, like Mr. Su Weiqing and Wu Wenhou, he is also the head of the Ding families' Anta (Fujian) Shoes Industry - Shandong Branch sales office.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb487e4c-d2df-4091-a478-b758213503e0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.85 }, "kind": "source-note", "text": "Footnotes 77-80 detailing prospectus, job ads, and financial losses.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee01e6ad-7e11-4cc1-bf9e-4d1bf0731cd4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.58, "x": 0.21, "y": 0.78 }, "kind": "table", "text": "Executive personnel for Kunming Anzhi Sporting Goods Co.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "398c13fb-d22e-4e03-ac92-396ea290f2a8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.58, "x": 0.21, "y": 0.69 }, "kind": "table", "text": "Shareholder information for Kunming Anzhi Sporting Goods Co.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83cda524-2b20-4786-953e-29b1dd61bcae", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.58, "x": 0.21, "y": 0.46 }, "kind": "table", "text": "Corporate registry information for Kunming Anzhi Sporting Goods Co.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3ef389a-66a6-41d2-bc47-840fc0c247c0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "cbd442a8-d689-4915-aadd-292f2b0151bc", "evidence": "The slide systematically links independent distributors to the parent company to expose potential misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:25.75+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 54, "type": "tension", "title": "The slide uses public housing provident fund records to prove employment history, contradicting the prospectus disclosures.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 6, "textChars": 936, "nDataPoints": 4, "notes": "The slide uses public housing provident fund records to prove employment history, contradicting the prospectus disclosures.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:24.854+00", "seconds": 2.747, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/54", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-54", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "That both Zheng Jiayuan and Yao Qingdi were employees of Anta (China), a member of the ListCo, is strong evidence of their inclusion in the network of controlled subsidiaries.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90f-84cb61078b44", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.764, "x": 0.118, "y": 0.241 }, "kind": "paragraph", "text": "Harbin Sports has been one of our distributors for our ANTA products since 2005... The remaining 55% equity interest was held by Mr. Yao Qingdi, an Independent Third Party.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f0638a7-8e64-4920-aaae-53cbffebeadf", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.113 }, "kind": "paragraph", "text": "Before establishing Kunming Anzhi in Dec 2006, both Zheng Jiayuan and Yao Qingdi were separately disclosed in the prospectus as being Independent 3rd party owners of distributors, Guangzhou Anda and Harbin Jinjian Sports Trading Co.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1b2983d-e7c4-4b09-9aa8-f440ccbc8379", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.435 }, "kind": "paragraph", "text": "Not disclosed was the fact that both were also former employees of Anta (China), a part of the ListCo. We find this to be a significant and unnecessary omission.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee0fdb09-3659-4d3d-9e1d-e8e8599fede6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.764, "x": 0.118, "y": 0.85 }, "kind": "source-note", "text": "81 Anta prospectus, p.90; 82 Quanzhou City Housing Provident Fund records", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc74b090-d851-4732-a0e8-899d95a87f89", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.535 }, "kind": "table", "text": "Quanzhou City Housing Provident Fund Online Records showing employment of Zheng Jiayuan and Yao Qingdi at Anta (China) Ltd.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35b788ff-43b8-4c36-8919-13f902b781d1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "945b4f31-54e2-46e4-991b-e60910b6edec", "evidence": "The slide explicitly identifies an omission in a prospectus and provides contradictory evidence to prove it.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:49:24.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 55, "type": "setup", "title": "The slide uses a timeline-based career path diagram and a personal profile card to illustrate the company's internal promotion structure.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 6, "textChars": 595, "nDataPoints": 4, "notes": "The slide uses a timeline-based career path diagram and a personal profile card to illustrate the company's internal promotion structure.", "elementsJson": [ "paragraph", "timeline_visual", "headshot", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:25.247+00", "seconds": 3.093, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/55", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-55", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "He shows how a motivated young man can help ANTA secretly control five different distributors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-f829996b1877", "parentComponentId": null }, { "bbox": { "h": 0.33, "w": 0.58, "x": 0.21, "y": 0.26 }, "kind": "diagram", "text": "The Anta training pathway", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9091e57d-1f6f-49b4-ae3f-b65bec156911", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.58, "x": 0.21, "y": 0.71 }, "kind": "other", "text": "Name: Ding Xiaozheng, Current Position: GM of Nanjing Branch Sales Co., Anta Trainee Class: 2004", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7dd7550c-6a5c-4ae7-b2e7-22fb687a977c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Ding Xiaozheng is General Manager of ANTA's Nanjing sales branch. He shows how a motivated young man can help ANTA secretly control five different distributors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfe8238d-d9a9-4f1b-828b-11a10fc289ed", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.63 }, "kind": "paragraph", "text": "The General Manager presented at the top of its training pathway is Mr. Ding Xiaozheng, who joined the company in 2004, and is now described as the GM of ANTA's Nanjing Sales Branch.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb109366-9963-4cad-b83b-26ff78ecd390", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "http://www.ANTAlszp.com/AboutANTA.html", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f35c9ab8-094a-4d28-a690-bf4a91275f72", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f222a9fe-de35-46ad-bb9b-bfe6f64e04ee", "evidence": "The slide depicts a career progression path over time (0.5 to 3.5 years).", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:25.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 56, "type": "tension", "title": "The slide uses corporate registry data to challenge the independence of a subsidiary.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 5, "textChars": 839, "nDataPoints": 5, "notes": "The slide uses corporate registry data to challenge the independence of a subsidiary.", "elementsJson": [ "paragraph", "screenshot", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:25.551+00", "seconds": 3.395, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/56", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-56", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Given that ANTA espouses a strategy of developing self-operated retail businesses, like FILA, Descente, and Kolon, we expected to ANTA’s general managers actually heading up ANTA-owned companies, not those of its purported independent subsidiaries.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90f-31f4227895b0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Given that ANTA espouses a strategy of developing self-operated retail businesses, like FILA, Descente, and Kolon, we expected to ANTA's general managers actually heading up ANTA-owned companies, not those of its purported independent subsidiaries.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03a6d8b2-f47f-468b-9d8d-b2cdd905efb7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.74 }, "kind": "paragraph", "text": "According to job announcements posted by NJ Xinyuedong, the company covers the major cities in two provinces (Jiangsu and Anhui), has around 500 employees, over 60 stores, and as of November 2018, RMB 400 million in revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e52f0cd3-89eb-421a-b750-850ae7eaa4be", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "http://www.yingjiesheng.com/job-004-008-151.html", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed5a8fd8-5845-4e6f-906f-8f4a6f626692", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.64, "x": 0.18, "y": 0.25 }, "kind": "table", "text": "Corporate registry data for Nanjing Xin Yuedong Sporting Goods Co. Ltd.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f4bcdfe-66d9-4087-9054-5f327d268f20", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 57, "type": "appendix", "title": "Includes a screenshot of a university news article regarding a partnership with Nanjing Xinyuedong.", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 7, "textChars": 961, "nDataPoints": 2, "notes": "Includes a screenshot of a university news article regarding a partnership with Nanjing Xinyuedong.", "elementsJson": [ "screenshot", "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.363+00", "seconds": 4.052, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/57", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-57", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.84 }, "kind": "callout", "text": "Mr. B: Nanjing Handong, was independent and later became self-operated retail, a subsidiary.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba8a7fdd-0610-4d65-8c12-5ed17d124a7e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Like many other ANTA associates, this is not Ding Xiaozheng’s only company.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-b11e7cc101f3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.5 }, "kind": "image", "text": "Screenshot of Nanjing Tech University news article regarding internship partnership.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6d15273-60b8-4559-a025-5b6458e53c0c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.18 }, "kind": "paragraph", "text": "Recruitment Notice: Nanjing Xinyuedong Sporting Goods Co. (Nanjing Anta) is a tier 1 distributor of Anta products, employing 500 staff with revenues reaching Rmb 400 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "185d8f77-e303-4c91-9873-9bbd0ed4a454", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.33 }, "kind": "paragraph", "text": "Like many other ANTA associates, this is not Ding Xiaozheng's only company. Ding Xiaozheng's other current and past responsibilities include roles in Nanjing Handong, Shanghai Fengzhan Sporting Goods, and Shanghai Yuying Sporting Goods.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cf197b0-d13f-4a82-aa23-d383abd5a2c9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.76 }, "kind": "paragraph", "text": "In this announcement, Mr. Ding Xiaozheng was identified as the General Manager of Nanjing Handong, another tier 1 ANTA distributor, and one which was identified in our interviews with former senior managers as being another subsidiary of the ListCo.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7528745d-f385-46ab-b649-f3156e37761e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.3, "y": 0.09 }, "kind": "title", "text": "[Jiangsu] Nanjing Xinyuedong Sporting Goods Company", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fca2233-cd1d-4f51-ba7c-44dfd5c9d69f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 58, "type": "tension", "title": "The slide uses a Q&A format to challenge the interviewee's claim that a distributor is a subsidiary, providing corporate data as evidence.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 7, "textChars": 921, "nDataPoints": 0, "notes": "The slide uses a Q&A format to challenge the interviewee's claim that a distributor is a subsidiary, providing corporate data as evidence.", "elementsJson": [ "quote_block", "screenshot", "data_table" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:24.918+00", "seconds": 2.543, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/58", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-58", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The customer is also a subsidiary", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90f-1852cf836fad", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.7, "x": 0.15, "y": 0.35 }, "kind": "image", "text": "Corporate registry data for Shanghai Fengzhan Sporting Goods Co.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.918+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab250f88-b3c1-4df8-8eca-25cb17574b6d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "paragraph", "text": "Q: “The customer is also a subsidiary” — how should this be understood? Mr. B: For example, the one I just brought up, Nanjing Handong, it’s one among the 51 distributors. Like this.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.918+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b41ba44f-c2f5-435e-ab86-e3093c287ba6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.1 }, "kind": "paragraph", "text": "Q: So this company was a subsidiary of ANTA, right? Mr. B: Right, it’s within their system, considered a subsidiary, because, so when I was there they were all... so these 51, so these 51 (customers/distributors) included some of these customers, so these customers were also a subsidiary 分公司", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.918+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c08e8720-48e2-482a-8a32-9632afb1bfa4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Q: So this company was a subsidiary of ANTA, right? Mr. B: Right, it’s within their system, considered a subsidiary, because, so when I was there they were all… so these 51, so these 51 (customers/distributors) included some of these customers, so these customers were also a subsidiary 分公司 — Anonymous Source (Mr. B).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90f-1eb358714056", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.11, "y": 0.8 }, "kind": "title", "text": "Shanghai Yuying", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.918+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d4b2994-316e-4293-814d-f5bbba9d7b06", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.11, "y": 0.3 }, "kind": "title", "text": "Shanghai Fengzhan", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:24.918+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f04cdd64-78bc-4349-8325-10363159a2ed", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 59, "type": "analysis", "title": "The slide documents corporate links between entities, specifically identifying Ding Xiaozheng as a common representative.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 6, "textChars": 791, "nDataPoints": 0, "notes": "The slide documents corporate links between entities, specifically identifying Ding Xiaozheng as a common representative.", "elementsJson": [ "data_table", "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:25.393+00", "seconds": 3.012, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/59", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-59", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Previously, Ding Xiaozheng was also the representative of the now-closed Huangpu branch of Shanghai Anchi, which is another distributor that has been previously identified in our interviews with former ANTA senior managers as being a subsidiary company held outside of the ListCo.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90e-c696f5f8462a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.55 }, "kind": "paragraph", "text": "Previously, Ding Xiaozheng was also the representative of the now-closed Huangpu branch of Shanghai Anchi, which is another distributor that has been previously identified in our interviews with former ANTA senior managers as being a subsidiary company held outside of the ListCo.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c88c37b9-886d-4a73-a5d9-bfb66e47afdb", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.1, "y": 0.65 }, "kind": "table", "text": "Registration details for Shanghai Anchi Sporting Goods - Huangpu Branch", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "357d1549-fb83-4d30-8721-307e2bb7e0a3", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "table", "text": "Registration details for Shanghai Yuying Sporting Goods", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd8a47c4-bbb5-4de8-8930-7966e5fbe49e", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.35 }, "kind": "table", "text": "Shareholder and Beneficial Owner details for Shanghai Yuying Sporting Goods", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e570fd24-f9e8-4d21-9f5a-9a72725433d1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.05 }, "kind": "title", "text": "Corporate Registration Details", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fdd5915-776d-4fed-beb9-f6546ff307cf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 60, "type": "appendix", "title": "Includes a screenshot of a Chinese business registry change record and a list of entities linked to the Peng brothers.", "function": "expose_contradiction", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 8, "textChars": 860, "nDataPoints": 1, "notes": "Includes a screenshot of a Chinese business registry change record and a list of entities linked to the Peng brothers.", "elementsJson": [ "screenshot", "paragraph", "bullet_list", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.251+00", "seconds": 3.563, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/60", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-60", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Peng Qingyun and Peng Qingqi are two brothers with a very complicated professional and business relationship with ANTA.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90f-6b46156f73df", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.76, "x": 0.22, "y": 0.09 }, "kind": "image", "text": "Business registry change record", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1494cae-949b-4664-ad9e-7e8d6915306b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.14, "y": 0.48 }, "kind": "list", "text": "List of entities and associated Peng brother", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9107ea8d-7a2f-49d8-97c1-c0233c168298", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.77 }, "kind": "paragraph", "text": "At SH Sijie, Peng Qingyun is the 70% shareholder... The other 30% is held by Mr. Lin Xiaokuang, who is the Supervisor. Lin Xiaokuang is, as mentioned before, an obvious insider and proxy for Chairman Ding.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0306a07f-b27c-4dab-a14b-9edcd24685bb", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.11, "y": 0.64 }, "kind": "paragraph", "text": "As stated previously, Peng Qingyun is the Executive Director and Legal Representative of Jinjiang Yundong... Chinese credit reports indicate that the combined COGS for these two totaled RMB 489 million in 2017.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28695189-4cd1-416f-9175-4ddefc1d7728", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.11, "y": 0.35 }, "kind": "paragraph", "text": "Peng Qingyun and Peng Qingqi are two brothers with a very complicated professional and business relationship with ANTA...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d969119a-863a-473d-b4e2-b9b1c4b02821", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.11, "y": 0.87 }, "kind": "source-note", "text": "Footnotes 87 and 88", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14c78889-b955-4a8a-9ee4-b9a0ef8f9173", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.11, "y": 0.29 }, "kind": "title", "text": "The Peng Brothers & Shanghai Sijie Yuehe Sporting Goods Co. Ltd., Guiyang Ankai Sporting Goods Trading Co. Ltd.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ea62241-2df5-42b4-9efe-88b0d8083b6c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 61, "type": "setup", "title": "Includes a footnote regarding Hong Yanqing's historical interest and association with Anta.", "function": "establish_context", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 6, "textChars": 723, "nDataPoints": 0, "notes": "Includes a footnote regarding Hong Yanqing's historical interest and association with Anta.", "elementsJson": [ "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:25.907+00", "seconds": 2.777, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/61", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-61", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Prior to Lin Sankuang’s involvement in Shanghai Sijie, Hong Yanqing, one of the early key representatives of the Ding families, held the 30% minority interest.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90f-d896ba9f139e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.6 }, "kind": "paragraph", "text": "Prior to Lin Sankuang's involvement in Shanghai Sijie, Hong Yanqing, one of the early key representatives of the Ding families, held the 30% minority interest. He was a founding shareholder and held this interest until October 2016.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.907+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c863ce2d-18f8-4a0f-adef-d93f4f349251", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.85 }, "kind": "source-note", "text": "See Appendix B, Anta (Fujian) Shoes Industry Co., Hong Yanqing remains the legal representative of the Qingdao branch.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.907+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25ac835a-7ddd-4b2c-b351-7f016e225dfe", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.6, "x": 0.2, "y": 0.42 }, "kind": "table", "text": "Shareholder information listing Lin Xiaokuang and Peng Qingyun.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.907+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58d0a543-bf9c-4b65-91b0-27aed0471b60", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.6, "x": 0.2, "y": 0.15 }, "kind": "table", "text": "Corporate registration details including unified social credit code, legal representative, and business scope.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.907+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de4daf94-d010-46a0-a78c-9ebbc8f5ad96", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.3, "y": 0.1 }, "kind": "title", "text": "Shanghai Sijie Yuehe Sporting Goods, Ltd.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.907+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c637a1bb-0e76-46e3-a235-edb565029d24", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 62, "type": "analysis", "title": "Includes English annotations for Chinese legal documents.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 8, "textChars": 637, "nDataPoints": 15, "notes": "Includes English annotations for Chinese legal documents.", "elementsJson": [ "screenshot", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.386+00", "seconds": 3.255, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/62", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-62", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "At GY Ankai, Mr. Peng Qingyun is the 99% shareholder, Executive Director, and Legal Representative.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90f-b013e39ef381", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.45 }, "kind": "paragraph", "text": "At GY Ankai, Mr. Peng Qingyun is the 99% shareholder, Executive Director, and Legal Representative.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f193971-cd2f-4372-b4aa-681d60f1842a", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.36, "x": 0.32, "y": 0.12 }, "kind": "paragraph", "text": "Shanghai Sijie Yuehe Sporting Goods Co., Ltd. Board meeting date: Oct 17, 2016. Hong Qingyan transfers his 30% interest in the company to Lin Xiaokuang. Lin Xiaokuang is to be the Supervisor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a917d99-19dc-4aba-8be1-d02b5e23b2e6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Hong Qingyan transfers his 30% interest in the company to Lin Xiaokuang. — Shareholders Resolution", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90f-b7897651f7a9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.54, "x": 0.23, "y": 0.72 }, "kind": "table", "text": "Shareholders list for Guiyang Ankai", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13930d74-f8bd-439d-a017-effaf570b536", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.54, "x": 0.23, "y": 0.81 }, "kind": "table", "text": "Key personnel for Guiyang Ankai", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "adcc128b-6ed1-4762-976b-3833d9dbfa39", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.54, "x": 0.23, "y": 0.51 }, "kind": "table", "text": "Guiyang Ankai Sporting Goods Trading Co. registration details", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c203f24c-a29c-4208-80ed-795f44c7796c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.16, "x": 0.42, "y": 0.1 }, "kind": "title", "text": "Shareholders Resolution", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85bc9e0b-7d44-4c7c-8c56-c0fa116e96b7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 63, "type": "tension", "title": "The slide uses corporate registry data and interview transcripts to establish a familial and business connection between ANTA-related parties.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 9, "textChars": 1211, "nDataPoints": 0, "notes": "The slide uses corporate registry data and interview transcripts to establish a familial and business connection between ANTA-related parties.", "elementsJson": [ "data_table", "paragraph", "quote_block", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.698+00", "seconds": 3.562, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/63", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-63", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Peng Qingqi’s involvement with ANTA and its founding families goes far beyond being the leader of a small, floundering brand.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-8e292163ef43", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.87 }, "kind": "disclaimer", "text": "Although Sprandi is small, it is a brand ANTA has been trying to build up, and it has been discussed with investors on numerous occasions over the past few years.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55ac378a-8679-4a91-bc5b-416f086f5d00", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "In an interview with a former ANTA senior manager, we confirmed that Peng Qingqi is Peng Qingyun’s brother.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14b0a8e4-baa7-4feb-9e3e-18ec8e37c5a4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.34 }, "kind": "paragraph", "text": "Peng Qingqi is the Legal Representative and General Manager at Sprandi China and Xiamen Sprandi... Peng Qingqi's involvement with ANTA and its founding families goes far beyond being the leader of a small, floundering brand.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d04d5c94-dde8-486e-a9b6-14d6e06ec182", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.17, "y": 0.23 }, "kind": "quote", "text": "Interview with Mr. D: Peng Qingyun, Peng Qingqi these two are brothers. Peng Qingyun should be one of the distributor bosses... Peng Qingqi is one of Anta's shareholders.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "898dfcf8-24d9-4b00-9fd8-55d704adbfd4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Interview with Mr. D: Peng Qingyun, Peng Qingqi these two are brothers. Peng Qingyun should be one of the distributor bosses, but at to which area I don't recall. Peng Qingqi is one of Anta's shareholders. 47:19 G : 彭清云彭清其这两个是兄弟，彭清云这个人是代理商的老板之一，具体哪个区忘记啦。。彭其安踏的股东之一。 — Mr. D", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-92e058957388", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.58, "x": 0.21, "y": 0.71 }, "kind": "table", "text": "Shareholder and Key Personnel information for Sprandi", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c85c61d-8310-4dd6-ac7f-c6d3899a5b27", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.54, "x": 0.23, "y": 0.09 }, "kind": "table", "text": "Beneficial Interest table showing Peng Qingyun", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63de3d93-bddd-4e13-a075-5cc82a7e594f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.58, "x": 0.21, "y": 0.43 }, "kind": "table", "text": "Sprandi (China) Ltd. corporate registry information", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c462452d-60d1-416e-955e-85cf652f56aa", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 64, "type": "analysis", "title": "Includes business registration data and shareholder list with English translations provided in red text.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 864, "nDataPoints": 20, "notes": "Includes business registration data and shareholder list with English translations provided in red text.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.312+00", "seconds": 3.078, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/64", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-64", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Peng Qingqi was recognized in a 2011 media report as the Vice President at ANTA Capital, 福建安踏投资有限公司. ANTA Capital is privately held by the big five founders of Anta: Ding Shizhong, Ding Shijia, Lai Shixian, Wu Yonghua, and Wang Wenmo.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-35af103f80aa", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.68 }, "kind": "paragraph", "text": "The news article below describes a trip to the city of Yongcheng led by Peng Qingqi, Vice President of Anta Capital. The group that Peng Qingqi led included members from the ANTA Group, as well as employees of a bag and sporting goods manufacturer.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ece694f-5360-4826-8e30-1b11da99da3b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "paragraph", "text": "Peng Qingqi was recognized in a 2011 media report as the Vice President at ANTA Capital, 福建安踏投资有限公司. ANTA Capital is privately held by the big five founders of Anta: Ding Shizhong, Ding Shijia, Lai Shixian, Wu Yonghua, and Wang Wenmo.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e5e3136-eef8-4b87-ace8-a90f84262a9b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.1, "y": 0.88 }, "kind": "source-note", "text": "http://www.ycs.gov.cn/doc/2011/11/28/64650.shtml", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e559213-ea82-4fcc-b3c9-418eeb962f58", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.1, "y": 0.18 }, "kind": "table", "text": "Business registration details for Fujian Anta Investment Co.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85dde50c-ddb3-4f4f-ab44-8dca637b6e9a", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.46 }, "kind": "table", "text": "Shareholder information for Anta Capital", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "feb08d60-9693-4311-bab3-6f6c0f8ae87c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 65, "type": "tension", "title": "The slide uses a news clipping to establish a link between Anta Capital's Peng Qingqi and the GM of Henan Ruili Sports Products Co., which is later identified a", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 6, "textChars": 850, "nDataPoints": 0, "notes": "The slide uses a news clipping to establish a link between Anta Capital's Peng Qingqi and the GM of Henan Ruili Sports Products Co., which is later identified as part of a secret network.", "elementsJson": [ "headline_text", "screenshot", "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.501+00", "seconds": 3.26, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/65", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-65", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The Peng brothers’ substantial conflicts originated soon after the IPO, beginning with the formation of Yundong in 2008, the establishment of Henan Ruili in 2011, Sprandi in 2016, and most recently with the launch of Anta Ruili’s specialty store on Tmall in 2018.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b90f-9f346a492cf4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.47 }, "kind": "paragraph", "text": "The table on the following page summarizes evidence that an additional 12 distributors are part of the secretly controlled “subsidiary as a customer” network:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.501+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11112bea-650f-4c96-b9e8-e858599e90c1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.19 }, "kind": "paragraph", "text": "11月25日，安踏投资有限公司副总裁彭清其、安踏集团高级总监连明山、泉州通利包袋有限公司董事长吴智雄、河南锐力体育用品有限公司总经理林金星一行到永城市参观考察...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.501+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a15e953e-5199-40af-8bfd-d7933cf6036a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.35 }, "kind": "paragraph", "text": "The Peng brothers' substantial conflicts originated soon after the IPO, beginning with the formation of Yundong in 2008, the establishment of Henan Ruili in 2011, Sprandi in 2016, and most recently with the launch of Anta Ruili’s specialty store on Tmall in 2018.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.501+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af3a2493-752a-48a0-999e-41e1cf5bb39f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.15, "y": 0.44 }, "kind": "title", "text": "Other Controlled Distributors", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.501+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a882d27d-3a70-4042-ac02-0614f56a5490", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.25, "y": 0.11 }, "kind": "title", "text": "Anta Capital's Peng Qingqi and his Group Visit the City", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.501+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b449a364-7c73-4c6f-a4c7-10ddd0c3764f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a4b911af-5102-4ca0-a339-2470697ebddf", "evidence": "The slide explicitly links independent-appearing entities to the parent company to expose a 'subsidiary as a customer' network.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:26.501+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 66, "type": "analysis", "title": "This slide serves as an appendix providing evidence for distributor relationships.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "sparse", "densityScore": 13, "componentCount": 2, "textChars": 159, "nDataPoints": 12, "notes": "This slide serves as an appendix providing evidence for distributor relationships.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:27.284+00", "seconds": 3.883, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/66", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-66", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.76, "x": 0.12, "y": 0.12 }, "kind": "table", "text": "Table containing distributor names, shareholders, interest percentages, connections, interview notes, and sources.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c96503b2-6684-49ae-86e0-bdcdb2a2110c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.1 }, "kind": "title", "text": "Compendium of Additional Related Distributors", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d976e21-84c3-4190-9229-c393fa3b9bf7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 67, "type": "tension", "title": "The table serves as evidence of potential corporate malfeasance or undisclosed related-party transactions.", "function": "expose_contradiction", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 1, "textChars": 87, "nDataPoints": 14, "notes": "The table serves as evidence of potential corporate malfeasance or undisclosed related-party transactions.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.066+00", "seconds": 2.579, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/67", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-67", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.635, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "table", "text": "Distributor, Current Shareholders, Interest, Connections, Interview, Sources/References", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.066+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "516887da-e1a8-4653-997f-aa8669b3c5d7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e1596121-9199-4017-b4d9-d3ef3f5c1fc3", "evidence": "The table systematically links distributors to ANTA through shared shareholders and common control indicators.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:26.066+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 67, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 68, "type": "analysis", "title": "The table maps specific individuals (columns) to distributors (rows) where they hold legal, shareholder, or management roles.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 384, "nDataPoints": 24, "notes": "The table maps specific individuals (columns) to distributors (rows) where they hold legal, shareholder, or management roles.", "elementsJson": [ "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.052+00", "seconds": 2.53, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/68", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-68", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The following table shows individuals in the network who appear in two or more controlled distributors:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-0833a93a302b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.09, "y": 0.14 }, "kind": "paragraph", "text": "The following table shows individuals in the network who appear in two or more controlled distributors:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58315d39-308b-429e-85aa-20aec296f083", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.09, "y": 0.65 }, "kind": "source-note", "text": "Note : the individuals are/were either legal rep, shareholders, general manager or supervisors of the companies", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92660aea-5494-40e1-891d-dce028aa965a", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.82, "x": 0.09, "y": 0.215 }, "kind": "table", "text": "Matrix of individuals vs distributors with 'Y' indicating presence.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2155507-aa4c-4a4d-ac8b-03d26be83f7f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 69, "type": "appendix", "title": "The table lists distributors in the first two columns and individuals in the header row, with 'Y' indicating an association.", "function": "appendix", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 1, "textChars": 25, "nDataPoints": 20, "notes": "The table lists distributors in the first two columns and individuals in the header row, with 'Y' indicating an association.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:25.437+00", "seconds": 1.817, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/69", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-69", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.57, "w": 0.82, "x": 0.09, "y": 0.12 }, "kind": "table", "text": "Distributor mapping table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:25.437+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20e5b108-8f78-4bb0-a476-16dae000591d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 70, "type": "appendix", "title": "Includes specific references to prospectus pages 16, 20, 61, 112, 114, 118.", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 9, "textChars": 2188, "nDataPoints": 0, "notes": "Includes specific references to prospectus pages 16, 20, 61, 112, 114, 118.", "elementsJson": [ "headline_text", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:28.493+00", "seconds": 4.637, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/70", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-70", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We consider this list of originally appointed family representatives to be an indication of their close and long-standing ties to the founding families.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-befbf8557ec4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.16 }, "kind": "paragraph", "text": "Anta (Fujian) Shoes Industry is described in the prospectus as a private company outside of the Listco’s structure, held 40% by Ding Siren and 60% by Jinjiang Shifa.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0be3d7eb-da9b-4c94-b2df-915700858db5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.53 }, "kind": "paragraph", "text": "After the public listing, Anta (Fujian) reportedly ceased its sportswear business operations; however, as can be seen below, its representative offices registration on the SAIC remains open. The SAIC registry listings for the Anta (Fujian) Shoes Industry Representative Offices are shown below and their status is still “active”.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "506221fa-ce72-4c2d-839b-de344589a6d9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.22 }, "kind": "paragraph", "text": "“ANTA Fujian”\n安踏(福建)鞋業有限公司 (ANTA (Fujian) Shoes Industry Co., Ltd.), a sino-foreign equity joint venture incorporated under the laws of the PRC on July 30, 1994, the equity interests of which are held as to 40% by Mr. Ding Siren and 60% by Jinjiang Shifa", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6afde69e-16a9-47b6-a790-d2a4b40e6392", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.37 }, "kind": "paragraph", "text": "“Jinjiang Shifa”\n晉江世發輕工有限公司 (Jinjiang Shifa Light Industry Co., Ltd.*), formerly known as 晉江市陳埭岸兜求質皮鞋廠 (Jinjiang Chendai Andou Qiuzhi Leather Shoe Factory*), a limited liability company incorporated under the laws of the PRC on April 6, 1988, which changed its name to the current name on September 28, 2004 and the equity interests of which are held as to 60% by Mr. Ding Hemu (father of Mr. Ding Shizhong), 10% by Mr. Ding Shizhong, 10% by Mr. Ding Shijia (brother of Mr. Ding Shizhong), 10% by Ms. Ding Youmian (spouse of Mr. Ding Shizhong) and 10% by Ms. Ding Liming (spouse of Mr. Ding Shijia)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95be8f4c-75fc-4d96-8481-202c184337f3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.63 }, "kind": "paragraph", "text": "We consider this list of originally appointed family representatives to be an indication of their close and long-standing ties to the founding families. Although their titles may have changed, their deep connection to the founding families and roles expanding the businesses networks continued – either individually and/or via their own proxies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f072f75-d440-4a93-bd89-2465a52ea3da", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.31 }, "kind": "paragraph", "text": "The prospectus explains that Jinjiang Shifa is owned by Ding Hemu, Ding Shizhong, Ding Shijia, and their wives, Ding Youmian (daughter of Ding Siren) and Ding Liming.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8e018b4-1c6b-45ce-aa70-00139908a559", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.12, "y": 0.86 }, "kind": "source-note", "text": "93 Anta Prospectus, pp.16, 61, 112, 114, 118\n94 Anta Prospectus, pp. 20, 61, 118\n95 Anta Prospectus, pp. 112, 114", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1833e74-ad36-4620-be77-e663528da106", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.25, "y": 0.11 }, "kind": "title", "text": "Appendix A\nAnta (Fujian) Shoes Industry & Its National Rep Offices", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c100a5e5-57af-4556-a987-fbaad98dfaa5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 71, "type": "appendix", "title": "The slide uses a mix of Chinese and English to list branch details and provides narrative evidence of personal connections between branch heads and Anta distrib", "function": "expose_contradiction", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 5, "textChars": 781, "nDataPoints": 0, "notes": "The slide uses a mix of Chinese and English to list branch details and provides narrative evidence of personal connections between branch heads and Anta distributors.", "elementsJson": [ "data_table", "paragraph", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.686+00", "seconds": 2.781, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/71", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-71", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "As documented throughout this report, with the exception of Ding Siren, the individuals who hold these local branch representative positions have each been involved with a number of different Anta distributors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-4edc4275610f", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.75, "x": 0.12, "y": 0.45 }, "kind": "list", "text": "Narrative descriptions of the business and personal ties of Mr. Su Weiqing, Mr. Hong Yangqing, and Mr. Wu Wenhou to Anta distributors and related parties.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60ab8711-69e7-43e7-94e9-2db5f44d9eed", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.75, "x": 0.12, "y": 0.12 }, "kind": "list", "text": "Details of four Anta branch offices (Beijing, Qingdao, Shenyang, Guangzhou) including registration numbers, legal representatives, and establishment dates.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b36e897-bc01-42ab-98a3-9aec9945fb2a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.12, "y": 0.36 }, "kind": "paragraph", "text": "As documented throughout this report, with the exception of Ding Siren, the individuals who hold these local branch representative positions have each been involved with a number of different Anta distributors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dea0892-0186-4def-b08b-53439c35ed48", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.12, "y": 0.88 }, "kind": "source-note", "text": "Footnotes 96 and 97 citing Sohu and Anta Prospectus.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f4d8d15-5beb-4cb2-8c0d-cfec1f96f512", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 72, "type": "appendix", "title": "The table presents a Q&A format in both Chinese and English.", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 18, "componentCount": 5, "textChars": 420, "nDataPoints": 0, "notes": "The table presents a Q&A format in both Chinese and English.", "elementsJson": [ "headline_text", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:28.906+00", "seconds": 4.663, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/72", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-72", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "They have a controlling stake in the company in that company, in the distributor.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-212f645b4c31", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.13 }, "kind": "paragraph", "text": "One former executive from ANTA, “Mr. A”, explains the arrangement in the following way:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9607119-ce8a-4de0-a8e6-7d5f68b9eba6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "They have a controlling stake in the company in that company, in the distributor. — Mr. A", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-26e3b88a3124", "parentComponentId": null }, { "bbox": { "h": 0.72, "w": 0.78, "x": 0.11, "y": 0.18 }, "kind": "table", "text": "Transcript table showing Q&A between interviewer and Mr. A regarding ANTA's distribution network and subsidiary ownership.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9522d14-f5fc-4504-baa2-2ef5175f8c04", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.35, "y": 0.08 }, "kind": "title", "text": "Appendix B Additional Transcript Excerpts", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0240e462-4fed-42ed-b49a-9006cb85f6cf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 73, "type": "setup", "title": "The table documents a Q&A session between an investigator and Mr. A, clarifying that subsidiaries have different names by province.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "sparse", "densityScore": 13, "componentCount": 3, "textChars": 493, "nDataPoints": 0, "notes": "The table documents a Q&A session between an investigator and Mr. A, clarifying that subsidiaries have different names by province.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.821+00", "seconds": 2.474, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/73", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-73", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "They have... the subsidiary in that province because they have to pay the taxes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-a9e1dd33ca86", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Okay they have one, they only have one name called Dongbu, one in Guangdong, and the other name in Beijing. The other one in Sichuan Province. They have different names for they are subsidiary... they have the... They have... the subsidiary in that province because they have to pay the taxes. — Mr. A", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-afca2cf9b706", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "table", "text": "Transcript table showing Q&A between Mr. A and investigator regarding subsidiary names in Guangdong and Beijing.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43f22fc8-09ee-4b0f-8837-66dad780d7d8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 74, "type": "tension", "title": "The slide presents a Q&A dialogue highlighting potential hidden control structures in the company's distribution network.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 3, "textChars": 359, "nDataPoints": 0, "notes": "The slide presents a Q&A dialogue highlighting potential hidden control structures in the company's distribution network.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:26.81+00", "seconds": 2.243, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/74", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-74", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This Yundong company is really controlling their 零售, 在中国的零售 [retail, the retail in China]", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-7bcd4d016bb8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The boss, Ding Shizhong or Wu Yonghua have their investment in this company, and they control their subsidiary through this Yundong Company. They call it Yundong. — Mr. A", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-7e4abb523a17", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "table", "text": "Transcript of Q&A regarding Yundong company and its control over ANTA's Chinese retail subsidiaries.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:26.81+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66bc7bad-0178-4d1e-a18b-1f62ecf1c373", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "35c90c46-6784-46c0-b525-81e0b382079f", "evidence": "The slide explicitly questions the discrepancy between public registration and actual control of retail entities.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:26.81+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 74, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 75, "type": "setup", "title": "Transcript format used to validate corporate entity relationships.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "sparse", "densityScore": 9, "componentCount": 3, "textChars": 295, "nDataPoints": 0, "notes": "Transcript format used to validate corporate entity relationships.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:27.242+00", "seconds": 1.99, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/75", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-75", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "It’s possible they deregister one and re-established another one, because of tax arrangement. Anchi, it is a subsidiary.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-64e53427c350", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“It’s possible they deregister one and re-established another one, because of tax arrangement. Anchi, it is a subsidiary.” — Mr. A", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-686f6f252ce1", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "table", "text": "Q&A transcript regarding company subsidiaries", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6dab4ec3-4797-480f-a752-86a96fcb73d3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 76, "type": "setup", "title": "Transcript format used to clarify corporate structure and franchisee relationships.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 3, "textChars": 349, "nDataPoints": 0, "notes": "Transcript format used to clarify corporate structure and franchisee relationships.", "elementsJson": [ "data_table" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:29.021+00", "seconds": 3.763, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/76", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-76", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Inner Mongolia Handong is a subsidiary. The bigger ones, Anhui is one, Changshu is one, others are Tibet, Xinjiang, Gansu, they are small. Changshu is the biggest one. Anhui is the second one.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-e9e2484ca492", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The bigger one is Changshu Jiangsu, I forgot its name. it does the business for NIKE as well. — Mr. A", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-ecb4bd44c98e", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "table", "text": "Q&A table regarding company subsidiaries and franchisees", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.021+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb1a148a-f75e-41ed-8780-84a674134255", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 77, "type": "setup", "title": "The slide presents qualitative evidence in a table format to support the thesis that ANTA exerts significant control over its business entities.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 4, "textChars": 756, "nDataPoints": 0, "notes": "The slide presents qualitative evidence in a table format to support the thesis that ANTA exerts significant control over its business entities.", "elementsJson": [ "data_table", "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:27.627+00", "seconds": 2.063, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/77", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-77", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Another former executive who worked at ANTA headquarters, “Mr. B”, corroborated that ANTA controls most of its Tier 1 distributors:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-66f26c82aada", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.48 }, "kind": "paragraph", "text": "Another former executive who worked at ANTA headquarters, “Mr. B”, corroborated that ANTA controls most of its Tier 1 distributors:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.627+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fbcf612-b3ca-41ab-92bf-b4be684f1f7e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“...It [ANTA] has the final say on the human, on the subsidiaries and also final say on, I think the HR to how to say this. Three positions in the subsidiary have to be picked by the Anta group. One is the HR manager and one is the finance manager and that is really important to the Anta group, and also they can be, they have the final say also on the general manager and also the top management.” — Mr. A", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-6b0cac153992", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "table", "text": "Interview transcripts between Q and Mr. A/Mr. B regarding corporate control structures.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.627+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84e4f9ca-bb85-4237-867f-5282bd565de0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "64dcf93b-f896-4a6b-badd-b37dfbbd9224", "evidence": "The slide uses interview transcripts as primary evidence to support a claim about corporate control.", "framework": null, "confidence": 0.7, "extraction": { "at": "2026-05-02 20:49:27.627+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 77, "frameworkName": "evidence-matrix" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 78, "type": "setup", "title": "The slide is a direct transcript table in both Chinese and English.", "function": "summarize", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 1, "textChars": 98, "nDataPoints": 0, "notes": "The slide is a direct transcript table in both Chinese and English.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:27.772+00", "seconds": 2.078, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/78", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-78", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.825, "w": 0.764, "x": 0.118, "y": 0.092 }, "kind": "table", "text": "Transcript of Q&A between Mr. B and an interviewer regarding distributor management and ownership.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:27.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "150872d8-9643-4a71-8b35-9f659cfaadd0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 79, "type": "analysis", "title": "The table presents a Q&A format in both Chinese and English, detailing operational management splits and specific entity classifications.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 3, "textChars": 371, "nDataPoints": 2, "notes": "The table presents a Q&A format in both Chinese and English, detailing operational management splits and specific entity classifications.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:28.003+00", "seconds": 2.248, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/79", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-79", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "From a management perspective, this one is a subsidiary.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbee-a29b39957d6f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I can only tell you the rough figure. Roughly 70/30[\\%]. 70/30 could even be 80/20[\\%]. 70\\% are managed directly by the headquarters, and 30\\% are like Jiangsu Zhonghe, which is completely managed by itself. — Mr. B", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbee-a7a44b8cce5e", "parentComponentId": null }, { "bbox": { "h": 0.88, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "table", "text": "Interview transcript table detailing management ratios and subsidiary status of specific companies.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b631677-ff73-4d68-a939-391a95535db4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 80, "type": "tension", "title": "The slide uses a Q&A format to establish control over distributors and key personnel.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 4, "textChars": 464, "nDataPoints": 0, "notes": "The slide uses a Q&A format to establish control over distributors and key personnel.", "elementsJson": [ "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:32.019+00", "seconds": 6.167, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/80", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-80", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Another former executive who worked at ANTA headquarters, “Mr. C”, also corroborated that ANTA controls most of its Tier 1 distributors:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-d199403fd401", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.605 }, "kind": "paragraph", "text": "Another former executive who worked at ANTA headquarters, “Mr. C”, also corroborated that ANTA controls most of its Tier 1 distributors:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:32.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e687d2fa-90a6-4f00-af9a-a332f149c774", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Throughout Guangdong, it’s all one system, they all are part of the subsidiary management model. — Mr. B", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-d7442768e69a", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "table", "text": "Transcript of interviews with Mr. B and Mr. C regarding subsidiary status and personnel.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:32.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b40bcdf1-81d0-4983-a36b-7c1e5382a766", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b8aad79b-2f37-4e93-bed5-32c8d19e3e91", "evidence": "The slide uses interview transcripts to expose that entities claimed as independent are actually controlled subsidiaries.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:32.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 80, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 81, "type": "setup", "title": "The slide presents a dialogue between an interviewer (Q) and an expert (Mr. C) discussing potential nominee/proxy shareholding structures.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "sparse", "densityScore": 18, "componentCount": 3, "textChars": 721, "nDataPoints": 0, "notes": "The slide presents a dialogue between an interviewer (Q) and an expert (Mr. C) discussing potential nominee/proxy shareholding structures.", "elementsJson": [ "data_table" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:30.062+00", "seconds": 4.108, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/81", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-81", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "As we discussed, including the Shanghai subsidiary, there are unclear relationships, including Lin Sankuang’s Yunnan subsidiary. As far as I understand, the boss Mr. Ding, holds shares in many of these subsidiaries, and many are his family members’.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-140059082d06", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“As we discussed, including the Shanghai subsidiary, there are unclear relationships, including Lin Sankuang’s Yunnan subsidiary. As far as I understand, the boss Mr. Ding, holds shares in many of these subsidiaries, and many are his family members’, it could be his family is holding them for Ding, this is also a possibility. But basically we all say that these companies are ANTA’s.” — Mr. C", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-197a3c52d972", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "table", "text": "Transcript of Q&A regarding ANTA subsidiary ownership and proxy relationships.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:30.062+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2ae231f-de47-4541-a883-005d1f73e573", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1326280f-7d58-4a2f-adb7-364cbfe9ea62", "evidence": "The dialogue explicitly discusses nominee shareholding and opaque ownership structures in ANTA subsidiaries.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:49:30.062+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 81, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 82, "type": "tension", "title": "The slide uses a Q&A format to expose the 'left hand-right hand' relationship between listed companies and their subsidiaries.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 5, "textChars": 851, "nDataPoints": 0, "notes": "The slide uses a Q&A format to expose the 'left hand-right hand' relationship between listed companies and their subsidiaries.", "elementsJson": [ "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:28.781+00", "seconds": 2.529, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/82", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-82", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Everybody knows. Fujian companies are all like this. To put it directly, we call this a “left hand-right hand” relationship. The ListCo is the right hand, and these subsidiaries, a lot of subsidiaries are not in the ListCo’s system, and they’re equivalent to the left hand.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b910-ffa0d99dfe77", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.382 }, "kind": "paragraph", "text": "Another former executive who worked at ANTA headquarters, “Mr. D”, also stated that ANTA controls most of its Tier 1 distributors:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "660779f1-ae89-481c-a849-5b39b1a15dab", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Everybody knows. Fujian companies are all like this. To put it directly, we call this a “left hand-right hand” relationship. The ListCo is the right hand, and these subsidiaries, a lot of subsidiaries are not in the ListCo’s system, and they’re equivalent to the left hand.” — Mr. C", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-03e7be86e907", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.764, "x": 0.118, "y": 0.43 }, "kind": "table", "text": "Question regarding the relationship between ANTA and its distributors.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b3fd8c6-f175-4faf-922e-2f909ecc8cd8", "parentComponentId": null }, { "bbox": { "h": 0.345, "w": 0.764, "x": 0.118, "y": 0.092 }, "kind": "table", "text": "Transcript of interview with Mr. C regarding corporate structure and distributor relationships.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1b1a301-df7e-4db4-a2cb-58137fdf856e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5ef0d379-3053-4844-b236-b16f96f9447c", "evidence": "The slide presents testimony that contradicts the official corporate structure by revealing hidden control.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:28.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 82, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 83, "type": "tension", "title": "The slide highlights a governance structure where distributors are effectively subsidiaries, contrasting with standard industry practices.", "function": "expose_contradiction", "rawType": "quote_slide", "block": null, "metadata": { "slideType": "quote_slide", "slideTypeCanon": { "name": "Quote slide", "slug": "quote_slide", "status": "active", "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 1, "textChars": 86, "nDataPoints": 0, "notes": "The slide highlights a governance structure where distributors are effectively subsidiaries, contrasting with standard industry practices.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:28.642+00", "seconds": 2.383, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/83", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-83", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.815, "w": 0.764, "x": 0.118, "y": 0.095 }, "kind": "table", "text": "Transcript of Q&A between Mr. D and an interviewer regarding ANTA's distributor model.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:28.642+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "403f341e-3723-4599-9f0c-45ea0502a71c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 84, "type": "evidence", "title": "The slide presents a bilingual (Chinese/English) transcript comparing the business models of established international brands versus the family-based, clan-driv", "function": "illustrate_case", "rawType": "quote_slide", "block": null, "metadata": { "slideType": "quote_slide", "slideTypeCanon": { "name": "Quote slide", "slug": "quote_slide", "status": "active", "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 4, "textChars": 708, "nDataPoints": 0, "notes": "The slide presents a bilingual (Chinese/English) transcript comparing the business models of established international brands versus the family-based, clan-driven distribution networks of early ANTA.", "elementsJson": [ "data_table" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:29.012+00", "seconds": 2.727, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/84", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-84", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Inside the company the bonding of relatives, their clan and extended family ties are strong. For example, like Mr. Ding Shizhong, currently his largest partners they all started out with him, they are all from the same village, they are all family or relatives, they have strong bonds.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-2ababda25fac", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "But for ANTA and the Jinjiang companies, their development history is different. Because they started out in the business of making shoes, so in the market they could not find those distributors who would be interested and with the ability to sell with which they could cooperate (because their brand is weaker). — Mr. D", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-2ef381875a21", "parentComponentId": null }, { "bbox": { "h": 0.82, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "table", "text": "Comparison of brand-distributor relationships between international brands and Jinjiang companies.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.012+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b99bb52f-c093-4628-94ab-b25d65c1745c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.12, "y": 0.09 }, "kind": "title", "text": "Mr. D", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.012+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67978bb1-3499-444f-88cc-f85c2f7346df", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "299dc23f-8852-4a9d-9150-43982e8a7d2c", "evidence": "The slide explicitly contrasts the business development history and distribution strategies of two distinct groups of companies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:29.012+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 84, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 85, "type": "appendix", "title": "The slide is a simple two-row table containing a dialogue between 'Mr. D' and 'Q'.", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 1, "textChars": 95, "nDataPoints": 0, "notes": "The slide is a simple two-row table containing a dialogue between 'Mr. D' and 'Q'.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:30.096+00", "seconds": 3.794, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/85", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-85", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": { "h": 0.825, "w": 0.764, "x": 0.118, "y": 0.092 }, "kind": "table", "text": "Dialogue transcript between Mr. D and Q regarding distributor strategy and financial reporting.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:30.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fd12503-e76d-4746-8881-c9bcd4f256b8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 86, "type": "setup", "title": "Bilingual text (Chinese and English) presented in a table format.", "function": "summarize", "rawType": "quote_slide", "block": null, "metadata": { "slideType": "quote_slide", "slideTypeCanon": { "name": "Quote slide", "slug": "quote_slide", "status": "active", "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 17, "componentCount": 4, "textChars": 534, "nDataPoints": 0, "notes": "Bilingual text (Chinese and English) presented in a table format.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:29.429+00", "seconds": 2.756, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/86", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-86", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "So for a brand company, I prefer the agent-distributor model, in which case I can more quickly more regularly receive my revenue stream.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbee-cc1cf33179ce", "parentComponentId": null }, { "bbox": { "h": 0.82, "w": 0.67, "x": 0.21, "y": 0.09 }, "kind": "paragraph", "text": "The domestic sports industry, first and foremost in this industry, the most important mode is the dealer/agent system...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.429+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81d1b148-bb00-4905-9ba0-f96324f5d7a4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The domestic sports industry, first and foremost in this industry, the most important mode is the dealer/agent system. ... So for a brand company, I prefer the agent-distributor model, in which case I can more quickly more regularly receive my revenue stream. — Mr. D", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbee-d0ec583fb7ae", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.08, "x": 0.12, "y": 0.09 }, "kind": "title", "text": "D先生 / Mr. D", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.429+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f767a191-b5f0-4a3a-a900-2201fcd9feb0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 87, "type": "tension", "title": "The slide uses a Q&A transcript to expose a potential governance contradiction regarding ANTA's control over its distributors.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 7, "textChars": 1524, "nDataPoints": 0, "notes": "The slide uses a Q&A transcript to expose a potential governance contradiction regarding ANTA's control over its distributors.", "elementsJson": [ "paragraph", "footnote", "data_table" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:30.04+00", "seconds": 3.358, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/87", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-87", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Yes, particularly the finance department. The finance department is separated from the rest and managed by the HQ, actually the salaries of the finance department are paid by the HQ.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbee-e0ee0b69be7a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.76, "x": 0.12, "y": 0.68 }, "kind": "paragraph", "text": "Three of these sources explained that the entity that technically exerts the control on behalf of ANTA is called Yundong (韵动). Even though SAIC filings do not show Chairman Ding as a registered capital holder of Yundong, each of these sources described Yundong as the Chairman’s company. (There were no sources who disagreed that Yundong is effectively owned by Chairman Ding.) Yundong’s registered office is in ANTA’s industrial park in Jinjiang. While these sources were clear that Chairman Ding controls Yundong, and Yundong in turn controls the “subsidiary” distributors, the exact internal machinations of Yundong were opaque to them.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:30.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23525727-36ee-4529-9f96-9e34109f7ad1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "[1] 裙带关系 loosely translates as “relations that are brought along with the skirt” is a term that means the extended family relations and also connotes nepotism", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:30.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ab69f05-395a-438b-b7a2-461e306278a8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.06, "x": 0.12, "y": 0.87 }, "kind": "paragraph", "text": "Mr. A:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:30.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bf881e7-83b2-4313-8a1e-3f4945d918e9", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.15 }, "kind": "paragraph", "text": "“Mr. E”, who is a former manager at Guangzhou Anda (广州市安大贸易发展有限公司), which is one of ANTA’s largest distributors – if not the largest, confirmed that ANTA controlled Guangzhou Anda, and particular its finance department:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:30.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a66440ab-de52-45aa-ac0d-304d7e84401f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Mr. E”, who is a former manager at Guangzhou Anda (广州市安大贸易发展有限公司), which is one of ANTA’s largest distributors – if not the largest, confirmed that ANTA controlled Guangzhou Anda, and particular its finance department.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbee-e709fca9d01a", "parentComponentId": null }, { "bbox": { "h": 0.41, "w": 0.76, "x": 0.12, "y": 0.23 }, "kind": "table", "text": "Transcript of interview with Mr. E regarding ANTA's control over Guangzhou Anda's finance department.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:30.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00b6a885-e096-495d-ae89-bf7f7215e681", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f464e94e-c9de-4936-b200-fae656839ad6", "evidence": "The slide presents evidence (transcript and source testimony) to expose a contradiction between public filings and actual operational control.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:49:30.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 87, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 88, "type": "setup", "title": "The slide is a direct transcript of an interview or investigative dialogue.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "sparse", "densityScore": 9, "componentCount": 3, "textChars": 257, "nDataPoints": 0, "notes": "The slide is a direct transcript of an interview or investigative dialogue.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:29.336+00", "seconds": 2.559, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/88", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-88", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This Yundong company is really controlling their 零售, 在中国的零售(retail, the retail in China).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-3d0ca1680844", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "This Yundong company is really controlling their 零售, 在中国的零售(retail, the retail in China). — Mr. A", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-41b8e47b34d3", "parentComponentId": null }, { "bbox": { "h": 0.82, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "table", "text": "Q&A transcript regarding Yundong company and ANTA distributor ownership", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.336+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b72c5d96-3cdd-4c14-95e5-fe36a679dcab", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 89, "type": "tension", "title": "The slide presents a dialogue between an interviewer and two subjects (Mr. A and Mr. B) to clarify the relationship between Yundong and ANTA's retail operations", "function": "expose_contradiction", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 13, "componentCount": 3, "textChars": 498, "nDataPoints": 0, "notes": "The slide presents a dialogue between an interviewer and two subjects (Mr. A and Mr. B) to clarify the relationship between Yundong and ANTA's retail operations.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:29.248+00", "seconds": 2.468, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/89", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-89", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In the ANTA system, retail operations are managed by the company Fujian Yundong, is that right?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbee-ffa1024bd636", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Yundong is a company that Ding Shizhong and Wu Yonghua invested in, it is responsible for the 24 subsidiaries. Basically, the big shareholders of these twenty something companies if it's not held by Ding Shizhong and Wu Yonghua they are held through Yundong. Yundong manages the retail side. — Mr. A", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbef-018ee8ea62ac", "parentComponentId": null }, { "bbox": { "h": 0.82, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "table", "text": "Transcript of Q&A regarding Yundong's role in managing ANTA retail subsidiaries and profit distribution.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.248+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2dd11350-5838-43b3-933f-8053e6b05571", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f383e8d4-1acd-44e1-a516-9f880b9899eb", "evidence": "The dialogue probes the financial relationship between retail distributors and the parent company to identify potential profit shifting.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:49:29.248+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 89, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 90, "type": "tension", "title": "The slide presents a dialogue between an interviewer (Q) and Mr. B, focusing on corporate structure and HR/finance responsibilities.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 3, "textChars": 872, "nDataPoints": 0, "notes": "The slide presents a dialogue between an interviewer (Q) and Mr. B, focusing on corporate structure and HR/finance responsibilities.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:29.108+00", "seconds": 2.255, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/90", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-90", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Yundong's function is more about help them to find people, like looking for the operating and managing personnel. More about HR, help branch companies to find people. As to the specifics of the operations and channels, the decisions are made by the branch companies, HQ is to supervise the push the branch companies. Yundong is more about the managing HR and finance.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-a6de1f951c61", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I was working at ANTA's HQ. I don't know about the Yundong company's registration, or its management shareholding and relationship [to the HQ]. Maybe it [ANTA] needs Yundong to make management more convenient. How to say, I [referring to ANTA] registered a company, how to deal with the finance, etc., I'm not very clear, mainly Yundong handles HR related things. Regarding other things like operations, we go ahead and handle those. — Mr. B", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-a880c106fac5", "parentComponentId": null }, { "bbox": { "h": 0.825, "w": 0.764, "x": 0.118, "y": 0.085 }, "kind": "table", "text": "Transcript of Q&A regarding Yundong and ANTA corporate structure", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95478f18-34a5-48cd-90b2-8eb9a5206bb2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 90, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "35040399-ced0-49f3-be43-86667596fb86", "matchId": "e3f04828-b42b-4915-b95a-047a6fe8c0bc", "beatType": null, "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 91, "type": "tension", "title": "The slide presents a dialogue between an interviewer (Q) and a source (Mr. C) to establish the existence and function of a private management entity.", "function": "expose_contradiction", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 3, "textChars": 601, "nDataPoints": 0, "notes": "The slide presents a dialogue between an interviewer (Q) and a source (Mr. C) to establish the existence and function of a private management entity.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:29.628+00", "seconds": 2.679, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/91", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-91", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "So this Jinjiang Yundong is managing the HR and the finance of the subs, right? Yes, that's right. Finance, retail (零售), right, right, all of these subsidiaries", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbef-1182762741d2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Yes, yes. Namely owned by Mr. Peng Qingyun, but in reality its managed by the boss. So how do I know this, it’s because I’m familiar with this companies’ HR manager. We would often go and eat together. And all of the subsidiaries in each part of the country are overseen by him and his team. So I know this company very well. — Mr. C", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbef-1512127cb874", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "table", "text": "Transcript table detailing the relationship between ANTA Sportswear and Jinjiang Yundong Consulting Co. Ltd.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:29.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1085456a-8bbf-4ea8-b1a8-19d6428a79ba", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e6143918-5358-471d-a273-81d587dc1386", "evidence": "The dialogue is structured to address potential confusion regarding corporate structure and ownership.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:49:29.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 91, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 92, "type": "tension", "title": "The slide uses a bilingual table format to present a forensic Q&A.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 12, "componentCount": 3, "textChars": 438, "nDataPoints": 0, "notes": "The slide uses a bilingual table format to present a forensic Q&A.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:30.997+00", "seconds": 4.046, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/92", "deck": "/decks/019dd923-622c-750b-8b96-d2366ed75e04", "deckAnchor": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-92", "deckJson": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "You are right, I mean the distributors are the left hand of the boss. Only the left hand is managed by this company called Yundong. This company is a private co, not a part of the ListCo.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-52799186c2bc", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "You are right, I mean the distributors are the left hand of the boss. Only the left hand is managed by this company called Yundong. This company is a private co, not a part of the ListCo. — Mr. C", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:06:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b911-54500325d814", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "table", "text": "Q&A transcript regarding distributor ownership structure", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:30.997+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26f1ad33-83ef-4365-881c-552476644632", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ec8729b2-854d-4ba4-9309-339671bff805", "evidence": "The slide explicitly questions the independence of distributors to expose potential off-balance-sheet transactions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:30.997+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 92, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 4, "to": 90, "label": "Expose Contradiction", "description": "Repeated instances of exposing contradictions in ANTA's statements and practices" }, { "from": 5, "to": 9, "label": "Appendix Disclosure", "description": "Disclosure of information from former ANTA executives" }, { "from": 7, "to": 7, "label": "Precedent Table", "description": "Table showing interview transcript excerpts" } ], "loops": [] }